Markets this Week

Hi guys, I am back again. For those of you, who don't know, I was not feeling well and was slipping in and out of consciousness for last three days. It all started with the weekend exertion and manifested itself in to a full blown thing which culminated in me being stuck with bed all the time. Much needed rest I guess.

Not that I could have written much even otherwise. Markets continue to be unpredictable (what else was I expecting?) and no clear sign of resuming downtrend still. Yesterday Market formed a Doji indicating some indecision but as I explained on Doji Post on Equity Blog it does not mean much apart from indicating even honors for Bulls and Bears.

Looking at the Asian, European markets today and present state of US Markets I guess we may have a slightly negative opening tomorrow (off course unless US Markets spring a surprise in the later half). Important levels for tomorrow;

Support 1: 5010

Support 2: 4980

Resistance 1: 5062

Resistance 2: 5085

Some Explanation of these levels can be seen here.

Posting a chart indicating these levels. Click on it if you want to see the larger picture (pun intended).

Happy Trading.

Market this Week

The markets did manufacture a good turn around thanks to support from West. The idea of all large Central Banks coming together to loosen their purse strings in tandem is... to be honest... scary. It may help stock markets all over but watch out for commodities as well. May not be a good thing for developing economies which are fighting high inflation.

Anyway, coming back to NIFTY. See the chart below.

Market is clearly trying to get back to the upper end of the channel which lies somewhere over 5300... a long shot I would say. MACD and RSI both are in supportive mood though I have to admit. Today market has taken a support at the 21 day EMA which is at 4938 and the next immediate resistance is somewhere at 5018 which is 50 day EMA for the NIFTY.

I wanted to get in to the Trade with a 4700 PUT today but could not do so in time. Today Europe were down by up to 1% while US was half a percent down when I last checked before going to bed. If markets are in positive territory again, will get a micro PUT trade just for the heck of it.

Hope to have a more definitive trade for the coming week.

Happy Trading till then.

Market Today

Get ready for a bumper opening of at least 120-150 points. No definitive trade for this week from my side... Was cooling off.

Happy Trading.

Disclosure: Might buy a micro position on short side... May be a 4700 PUT.