Wednesday, August 3, 2011
Nifty Trading for 04-08-11
Nifty in firm Downtrend.
Close below longterm Trendline at 5425 apprx. level.
FII's in sell mode.
A rally may emerge tomorrow on account of a technical bounce.
Sell in rally to 5445-5470.
Keep 5485 as SAR for trade and manage if gets hit. (for any reversal and locking in profits and also incase of whipsaw to re ride the downtrend)
There has been a big addition of Nifty Futures with increase in Cost of Carry, clearly longs formed hoping for good support of 5400 level. Lets see if they are the new fodder for aggravating the downfall or they prove to be the smart money entering at panic bottom.
Trade this chart , now the trendline break may turn out to be a whipsaw if its a ivth subwave. Important to keep 5485 as SAR now.
Check the broader trading insight at weekend post - Click Here and subsequent updates.