Tuesday, June 9, 2009

The Nifty takes a U-Turn

Today On CNBC, I suggested that the correction has more downside and traders may look to go short below 4450 (rather with 4450 as resistance). I have recieved some comments on my suggestion to go short, as well as an enquiry on how I did trade with the up move.

First, I stay with my suggestion that a deeper correction is likely.

Second, I had a bearish view. Thus, a short position was justified when the Nifty faced initial resistance around 4450. The trade was quickly stopped out. Finally, our systems went long at 4495, then added positions at 4532. All in all, a neutral day. Here is a chart showing the bearish view.



11 comments:

stockchart said...

hello sir,,theres an EXPANDING TRIANGLE in sensex hourly charts..it should act as a reversal pattern theoritically,please share your comments..bjnaik@hotmail.com

Indrajit Mukherjee said...

Nice interpretation, Sudarshanji. You really rock and becoming my idol (really, I mean it). May be u and me traded with different perspective today. I went long at 4455 NF value when I got bullish Stcoh, MACD and full 5 minutes green candle above 13 EMA. Sirjee I need ur comment on fine tuning of my system. See My Chart.

Regards
Indrajit
http://stockmaniacs.blogspot.com

Satyam said...

Sir, I am a big fan Yours. I am just a learner and want to learn more n more from experts and guide like you.I have done some charts workshop on one of my blog. Kindly take a look for once. I know it'll take your valuable time, but I'll be grateful to you if you take a look. Thank you for taking your valuable time.

http://www.niftydemystified.blogspot.com/

men said...

Dear Mr. Sudarshan,
It is nice of you to graphically explain yourlong and short points, THIS CHART SPEAKS LOUDER THAN 1000 WORDS, hope to see more such charts, PLEASE CONTINUE THESE CHARTS FOR A FEW DAYS so that we could learn. Thanks and God Bless.

Vipin said...

Dear Sir,

Thanks.. Very well explained.

Best Regards
Vipin

saket said...

Sir sorry to disturb u again but the ATA site does not give proper procedure about registration so please give information regarding registration.thank you.

Art said...

Dear Sir,

i really appreciate your good work of daily posting such nice articles.i m now addicted to reading your posts daily before mkt at 9.30.its a very good experience to know tactics of technical analysis from u sir.i wanted to know from where can i get intraday real time chart of stocks,with rsi macd,and all indicators in real time.(indrajit mukherjee posted a comment on 9th june at 11.11pm.and there he has uploaded a my chart)..sir could u plz tell me from which software i can get such real time charts.i have a trader terminal online screen and i get to see intraday graph..but rsi ,macd and all im not able to watch..is there any such chart service available at ur services of technicaltrends.com///plz let me know..
thank u sir for this selfless effort in helping all of us new traders who are interested in technical analysis....

Art said...

Sir,

I respect all ur strategies and views,and ur technical analysis is simply perfect..no matter what anybody says,or says anything...sir keep posting such valuable posts ..ur charts and analysis speaks more than (those people who simply just see whether tgts and stoploss hit or not) they dont see the reason behind the analysis.we learn many things from ur posts sir,,and your posts have helped me a lot indirectly in my trading decisions.

sir do your firm take any technical analysis courses.i have learnt technical analysis on self study and by searching on google.but im interested in learning more and deeper.plz let me know where by courses are conducted to be a professional analyst.

aseem said...

Dear Sir
Myself Dr. ASEEM JAIN.I am PhD in Economics & a professional stock trader & investor.
I came across your blog only recently & since then has become an avid reader.
Yesterday (9.june.09)u posted Nifty chart on your blog, can u pl. give thetechnical parameters on which u set the resistance zone of 4450-70.
regards

men said...

Mr. Sudarshan,
The comments from 10th June are not at all on the blog have you posted? Kindly confirm
Regards,

Ashish said...
This comment has been removed by the author.