rangeboundness!

nifty ranged between two falling tlines in last many days(refer charts posted in earlier post).

todays limits on the tlines are 4538 on upper side and 4348 on the lower side of the range.

larger range is 4300-4700.

medium to intermediate positions still long as the uptrend has not broken. fresh positional traders can initiate only on brkout from either side to avoid any whipsaw or getting sl hit, but one or two good opportunities are there for intraday each day.

opening expected weak today.

market ahead 18th aug 2009...

mentioned 4510 below which nifty is weak, 4380-88 was said as support area closing basis for medium trend.

trading closing below 4350(fut) can take it to next lvl of near 4200 etc.

today and couple of days trading is very imp what mkt is going to do next, its in short term downtrend but closed just near the very imp medium to intermediate uptrend decider lvl/tline.

the supports and resis and fibo lvls etc with negative divergences, macd and ma crossovers with volume etc are as shown in the charts below.