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    Saturday, March 14, 2009

    nifty channels(continued)...



    after the bullish reversal mentioned before, nifty rallied up on expected lines and did well to close above 38.2% ret lvl, but got resisted on our earlier drawn middle sloping down channel trendline, its looking good for short term but profit booking might come, any movement above that trendline is possible upto 2800 or the fibo ret lvls shown in above nifty spot chart.

    Posted by abhay r somkuwar at 12:27 PM

    2 comments:

    Anonymous said...

    dear abhay sir according to your target of 952 in c3 i square my calls in reliance and bought put of reliance. on both side isuffered lots of loss.please guide me.

    March 15, 2009 at 1:02 PM
    abhay r somkuwar said...

    see jayrangji, in ew study smaller wave counts can change as picture is not clear in beginning and is better for longer term invst decision making purposes which requires lot of patience and suited for indices like nifty etc, so focus should be on bigger picture. for short term trading purpose on stocks one should follow traditional ta techniques like indicators and tlines which are more reliable/useful or analyse derivatives data if trading fut or options.

    March 15, 2009 at 3:05 PM

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