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Tuesday, October 4, 2011

Nifty update--5th October

Ok. Got a reversal point yesterday . Bu now not sure how high it can go. Situation is BEARISH. Chart below . 3 resistance levels. Good resistance at 4820..then at 4860, and if we are lucky we will MAY touch 4900.

Smal LONG POSITIN . Wait and watch.

Squared OFF. I am not at all confident  of this PULLBACK. . Now I see very good resistance at 4825 level. The bollinger levels are declining still. Not really sure . Now if we look at that chart , it doesnt really feel that 5 wave down has been completed , does it . So entering a small SHORT POSITION here.

VOILA ...Just after I entered the shorts , the markets started going down .

ENJOYED THE SHORTS . I am SQUARING OFF. We can take a risk to enter a small LONG POSITION HERE. Almost near the previous bottoms with OVERSOLD condition.

Targets .........previous resistances  4820..4860...and then 4910.

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