Date:- 24 May 2010
Time :- 07:10 Pm
From last couple of days the nifty was trading below 5000 mark and was indicating that its in short term bearish mode though the long term is bullish only. Today also nifty has tried to cross the 5000 mark and made high of 5023 ( nifty Future ) but it was not able to sustain there. As soon as nifty started to trade below 5000 mark in second half it was more likely to go down and same thing has happened. Good short positions are made today with high volumes in intraday. Even in the last 30 minutes good short positions are made. On End of day closing basic nifty is looking in a mood of correction. 4800 can act as a psychological support.
Longs should only be initiated if nifty able to close above 5000 for 2 -3 days.
Happy and Cautious Trading Ahead
Pankaj Arya
Managing Director ( niftyLivecharts.com )
nifty index is heading all the way to 7375(doubt??????????). it between with stops at 6357…..6957…….7375……just see and report when it happened!