Thursday, December 4, 2008

Nifty Recap For The Day!!!

Wow! What a pullback! For the first time we believed in the SUPPORTS and wished the RESISTANCES away. I learnt an important lesson; one never underestimate a down on luck bull and two, never draw a big bear next to him and that also in RED! (Yeah I am talking about my last post and the oversized bear I drew there). Like I had mentioned in my previous post that if intraday trading is not your cup of tea then better stay on the Trend lines (ok I mean sidelines) till you get a breakout to trade. Yesterday was also a big chop chop day, today a good trade set up emerged.







A look at the daily chart above shows that yet again we are at the 20 periods MA. Next resistance is 2830/35, if we break this one with volumes we are again going to the higher ground 3030. As for the supports it isn’t hard to guess how about starting with 2720/2670 and 2585!!!



"No one knows what he can do until he tries."

Publilius Syrus





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