cRUDE Shocks? Nifty Recap Of The Day!!!

Nifty continued with the overnight weakness and with no global direction. We opened gap down and proceeded to close the gap. The first impulse trade and then a convincing short was signaled when we broke the days low. There was no looking back after that. Yesterday only I had written that we need some strong triggers to sustain the up move. Anyways speaking of the daily chart we are still in the box. We have a major support at 495o and 4920 approx (50 DMA). Any breach of these levels and a close beneath them would signal the end of this rally. The world seems to reeling under the Crude Shock. There is a positive side to it also. I would look at where all these Petro Dollars are going to be invested. The money earned by oil producing nations has to find its way into the attractive markets. In Asia we surely look like the best bet! Anyway in the morning I read a very nice article on why we should take a holiday (incidentally I also got the same suggestion from a much esteemed Technical Analyst in my yahoo messenger). If you are interested then you can read today’s notes on State Of The Market. As for me I am taking this advice a wee bit seriously. I have decided to take a break from the markets and head for Goa with my family. I won’t be posting on the blog for a week!

"You will find the key to success under the alarm clock."

Benjamin Franklin