16 MAY 2012 : NIFTY - intraday update
NIFTY - (12:10 PM) - spot has broken 4850 but somehow I am not feeling comfort in shorting. Do not trade at these levels. Something is not suitable.
I am sensing for recovery from 4830 but not very sure as of past few days. To me, levels for recovery is not clear yet. either from 4830 to from 4790.
I am not shorting.
Just ignoring this market in post 12 o'clock session.
Update : 1:14pm - Nifty spend time below 4850 but there is no panic sell off, no hurry in stock price.
Update : 1:48pm -
I was in search of finding the reasons for 'no great sell off after breaking 4850". Above is the one. I need to accept that I should have given higher importance to 4830, rather than focusing for 4850.
This is the reason that analyzing stocks are tougher task. One need to keeps on updating and rectifying mistakes. I gave importance to some different levels and things turn out as a puzzle for me. It seems that as of now I solved that. Let us see.
One thing is for sure that we entered in the zone of multiple support. I am not shorting and as I have observed the above so may initiate buying.
Update : 2:34pm - NIFTY May future seems to be facing resistance @ 4868. Require the cross over to see further gain
Update : 2:34pm - NIFTY May future seems to be facing resistance @ 4868. Require the cross over to see further gain
Regards,
Praveen Kumar
2 comments
I am also a very firm believer of short trades as Indian economy is going through a phase where I am not expecting sooner improvement.
My final target is something which is surely very very lower.
In trading I have to catch those technical bounce to get better prices to shorts.
Now a day, bounce can be as high as 2% on index anyday anytime.
If you are shorting on rise, then you should just try to use technical bounce to short. (MAX 5000-5040)
Regards,
Praveen Kumar