nifty and mkt thoughts 18th june 2009...

short term resistance line(as shown in above chart) should be crossed and closed above to resume short term uptrend.

short term trend is down, yday selling persisted and medium term uptrend broken, medium to int trend is sideways, intermediate trend still up.

so though we are in a bullish structure with higher bottoms and higher tops i still don't think we are yet in the beginning of a new bull mkt yet, mkt should continue its upward journey amid corrections to demonstrate on charts that its in a fresh structural bull run, at present this could be a furious bear mkt rally upto 4800(61.8% or more of fall 6357-2253) etc. whatever may be one's view good money making opportunities should not be missed. ta charts amd mkt indicators give a lot of indications on a day to day and positional basis to trade the index as well as individual stocks.

probable intraday tech lvls to watch are 4254 on downside and 4412 on upperside. yday heavy call writing seen at 4400 and 4600 strikes.