mkt ahead 09th nov 2009...

earlier the nifty bounce came off from exactly near 4540 which was sl lvl on range brkout that was on my radar and thankfully not broken on downside and got supported else it would have gone toward 4400 etc. allright, so the near term and near to short term trend are up but still nifty is not out of the woods as the macd and other indicators are still in negative territory. one can have a tsl such as 4740 and 4720 respectively for the longs, since chances of whipsaw are not ruled out.



nifty is still trading below the 20dma which is currently 4931 which may act as resis. to establish a stronger uptrend, the nifty has to move and stay above 4854-4864, if that happens then chances of touching 4937/5030 could be there, since the us dollar index is still supportive of some more of the rally in the global equity mkts continuing.