"Our markets though opened gap down initially, buying support and short covering at lower levels helped indices to recover the losses by the end of the session, and finally indices have closed flat to marginally negative. Overseas cues are not indicative of any direction, as such our markets also move sideways in and around these levels for some more time, may be till the FOMC meeting scheduled on 18th, and take a direction from there on.
Generally, the correction seems to be over, markets once build a strong base between 4400 to 4550 on nifty; the next target on nifty shall be 5000 on crossing 4678, by year end. One can go long on November futures of Nifty, which are trading at huge discount, duely hedging the same with sept put options of 4500 and roll over the positions till the 5000 target is achieved, could give substantial returns, instead of day/week trading, where lot of skill is required.
The day's range for Nifty shall be 4400(Support) and 4550 (Resistance); Sensex shall be 15055 (Support) and 15777 (Resistance)
2 comments:
Dear Rao Garu,
Hats off to your Nifty Tech Analysis & Trading Tips,which I am following daily. Today(Sep11th),a new item on top of your blog
"Portfolio Tracker",could you please explain how we can use it.
Please keep up the good work!
Prabhu
(Vijayawada)
Hello,
That was the strategy suggested on 11-Sep-07 post. Its for easy reference. That would be updated on a daily basis to show the net position on the suggested strategy.
I hope I am right :)
Vinay
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