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Wednesday, September 14, 2011

NIFTY Updates

Updated : Morning I shorted around 5045  ( see below). And was happy to see the NIFTY travelling some 70 points down in no time. But late in the day, all the markets in the world started going higher on the news that BIG central bank intervention was happening. 5045 was a very good resistance that we passed. But now the markets have hit another SOLID  resistance levels 5070-5090.Too much money infused into the system , intervention , rumours,  machine trading causing too much VOLATILITY. 100 points up down in a day.
Tomorrows rate hike will surely cause movement. Inflation is at 13 month high and racing towards double digits. Lots of hope for BEARS . We may still get good profit for out shorts initiated today. Important to cover at important levels. And if a 50 BPS hike comes then........Kaboom.


So much of RUMOUR mongering  this week. Russia, China , Brazil , BRIC( I never found India's name alone) were coming forward to buy EURO countries debt.  At one point MERKOZY were about to make a BIG  announcement , which never happened. Rumours and oversold conditions combined to take the nifty where its now. But i dont see nifty going more than 5040. Oscillators are nearly nearly at overbought levels.

I think we should short comfortable for a target of at-least 4910. And may be 4880. For the next couple of days.Inflation is higher than last time. And is approaching double digits.

The GAP hasnt been filled . It will at 5060. I think we should be shorting at 5030-5060 BAND.

Channel formation ::


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