FlashBack
Readers of the blog would have made nice money today in nifty, if one had shorted as per
http://jerrytechnicals.blogspot.com/2009/04/market-outlook-06-apr-2009.html
Nifty found support at the first target, then kept all intraday traders in tenderhooks with false breakouts and breakdowns.
A note for positional traders
Positional traders should have an eye on 3194 from here on. If wednesday, if it closes below this level, chances of uptrend getting halted (at least temporarily) are very high. What is so special about 3194 ? It is the midpoint of nifty future range on thursday. Closing below this, nifty future will make a bearish evening doji star candle stick pattern.
For Wednesday trading
Bear Level
Short nifty future at 3271 with stoploss of 3292 for targets 3215, 3185, 3155
Bull Level
Buy nifty future at 3293 with stoploss of 3272 for targets 3320, 3357, 3380
Paradoxical Charts
1) Only for bulls
Relinfra
As a positional trade, relinfra can be bought at 581 with stoploss of 557 with target 668.
2) Only for bears
SBI opened near first target, and hence did not have the firepower to blast through the high resitance area. For Wednesday trading, short sbi at 1150 with stoploss of 1177 for targets 1075, 1055.
Have a great trading day !!!!!
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