Wednesday, August 6, 2008

Nifty Recap For The Day!!!



Nifty opened strong courtesy overnight bullishness in Dow and then of course strong cues from the Asian bourses. Today was profit booking day, like I have been commenting earlier time to take some money off the table. Very choppy intraday action, as one can see on the 5 min chart on the left. The hourly chart on the right has a new HH in place. Nothing much to comment today, the daily chart below shows a shooting star. Profit taking? Exhaustion perhaps! Interestingly Nifty has just closed in the vicinity of the long term sloping trend line. 4450/70 needs to be tested to cement further the up move and the oft repeated 4370 plays the pivotal role.

"It's choice - not chance - that determines your destiny."

Jean Nidetch

Hmmm the choice …… use STOPS!!!!

4 comments:

  1. Isn't that Grave Stone reversal Candle on Daily chart?

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  2. Its very simple analysis with just the critical numbers ( 4470 & 4370 ) to watch out for.

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  3. man4urheart
    Thanks for correcting me. I am bit rustic in candlesticks!
    Regards

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  4. Ilango Hi,
    Yeps the simpler the better!!!!

    ReplyDelete