Discussion in 'Chit Chat' started by MONEY4NOTHING, Jun 10, 2009.
Is this the last day of the fantastic NSE NIFTY rally that started in March 2009?
Here's the daily chart...long term resistance at 4680 level...
Please post a bit more analysis in your thread, or use your other thread that called the short on the S+P. Otherwise I have to move this thread.
Thanks for your understanding.
Long term resistance is the biggest reason. Here are some more:
1) NSE NIFTY is up >80% from March 2009
i.e., Indian markets are up >80% in 3 months without meaningful pullback.
2) Options data shows overhead resistance.
3) Market went up 2.3% today, but declines were more than advances (566 adv vs. 690 declines).
Here are some ETFs tracking Indian markets:
Buy buy buy.
Covered 1/3rd of my short position at 4600...holding remaining position for additional downward action.
NIFTY kissed the top good bye one more time today. Sold some more at 4688 and covered them at 4610. Still holding the 2/3rd position for additional downward action...
Got bored and covered remaining position at 4595.
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