FLashBack
The day started off with a 60 point downmove.
Bulls took over the control from my second target of 2955 and once it crossed intraday stoploss of 3001 there was no looking back. At the end of day, it seems, bears have been vanquished. Well atleast for now. It is not often that the low of inside day is cut and then high of the inside day is crossed. This indicates a definite momentum shift to the bull side.
Bulls took over the control from my second target of 2955 and once it crossed intraday stoploss of 3001 there was no looking back. At the end of day, it seems, bears have been vanquished. Well atleast for now. It is not often that the low of inside day is cut and then high of the inside day is crossed. This indicates a definite momentum shift to the bull side.
Levels for Thursday
Bull Level
1) Buy Nifty future at retracement level of 3010 with stoploss 2972 for target 3050, 3095, 3125, 3195.
2) In case market opens with an upside gap, buy nifty future on crossing of 3110 with stoploss 3087 for target 3195.
Bear Level
1) After crossing 3110, if nifty future hits SL of 3087 short at retracement level 3100 with SL at opening highs for target 3010.
2) If nifty future breaks 2972, short at retracement level of 2998 with SL at 3015 for target 2955, 2915.
Sultan of stocks is back
Reliance has negated the bearish pattern described in http://jerrytechnicals.blogspot.com/2009/03/market-outlook-30032009.html
RIL made a low of 1502. Readers of the blog would have made a handsome profit of 50 rs although it failed to achieve the bearish target of 1484.
For thursday trading,
Buy RIL on retracement to 1555 with stoploss of 1520 for targets 1631, 1675.
Have a great trading day !!!!!
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