nifty ahead...

fiis net bought 241 cr.(prov. cash)+641cr.(f&o)
diis bought 425 cr. in equity(prov. cash).

mkt behaved exactly as been mentioned in previous posts. one more interesting thing is it moved exactly within our two drawn support trendlines! therefore intraday support and resis for yday was very well known.

the nifty spot rangebound movement roughly 3300 to 3512 was very played by intraday traders selling at highs and buying at lows during the last so many sessions. yday alone it meant a whopping 100 plus points in intraday!

also the intermediate trend is intact with the lower tline being respected so far, so buy at dips or holding onto the positional existing longs worked well.

any closings below this line will be bearish and a breach of which could lead to a test of 3147 etc.

hence positional (intermediate trend) players, trade with positive bias with tline tsl of 3330 or the imp 3000 lvl as support.

correction: pls read the last line above as,'hence positional (intermediate trend) players, trade with positive bias with tline tsl of 3330 or the imp 3300 lvl as support'. error is regretted.

20th april 2009...

last three days nifty is trading in sideways range roughly 3300-3512, much more beneficial as an intraday play, positional players can hold on to longs with tline as closing basis support/tsl. the other way to trade this could be waiting for a breakout of this range for fresh positions. some caution going ahead as nifty is overbought and still hovering near 200 dma and has hardly corrected since rally low of 2540. the reader may recall that i had marked the bullish nifty fut reversal at low near 2550, its a 1000 points on the trot since then and all stocks have flied even 40-50%. well at the moment its not very bearish and uptrend still on but one may ask is this high one way move sustainable short term. if huge profit booking comes in, 3147 can act as good support if 3300 breaks closing basis.