Friday, March 27, 2009

Nifty's trending up within the channel but slows down....

Nifty gains spectacularly in its third week of uptrend. "OB" with -ve div will get corrected with intra moves and may be for a couple of days in the coming week but the weekly gains will continue. Rotational stock buying is being seen. Last two previous tops at 3147 and 3241 will be scaled soon.
Trade the channels and use the pivot points for some guidance.
As we are trading below the 200DMA, I have also posted a bearish scenario at the bottom.

For Monday, if 3125 is not crossed in the opening hour & 3095/3070 is broken, a correction may set in till 3010-2925 area. If market moves past 3125, it may head towards 3147 +.....
Would the markets listen to saner voice to take a couple of days break to journey up comfortably..??? Market is always crazy..and you got to be crazy to deal with it..No saner approach will help.








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1 comment:

cdmoorthy said...

Dear Ilango, I wish if you could comment on Aban offshore - which gone up 100%(from 220 to 440)- could we expect it to test 330 - 319 during this ensuing correction.... Tnx & regards

March 28, 2009 at 8:01 AM

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