Friday, June 13, 2008

Nifty Recap For The Day!!!

Today was again one of the days where it made sense to sit on the sidelines if you were a Nifty trader nothing much was offered during the day other than few scalping opportunities. We look confused as ever! Well like I mentioned yesterday we would wait for the Inflation figures which were as expected. So no more surprises there also, but what’s of interest, is that the rate of Inflation finally seems to be above the rate of Interest that the banks are offering on short term deposits. So I guess its time for negative returns for some time! On the daily chart we are still struggling where we were so the status quo is preserved for the time being. The bulls need renewed vigor; first to overcome this resistance, and then 4615/4630 levels where we had made multiple bottoms. It is said, in Technical Analysis, the support once broken, reverses it role, and then acts as resistance (guess you knew this!!! but what the heck I was just tryin2showoff here!).

"Life unexamined, is not worth living."

Democritus

hmmm.. similarly Charts unexamined are not worth trading the next day!!!

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