Monday, June 29, 2009

Nifty with a lot of thoughts

On Friday, June 26, the Nifty futures broke out of a classic bullish head and shoulder pattern, giving a pattern target of about 4510. Given the overall bullishness, the target seems to be reasonable. Often, such patterns in the direction of the trend, exceed their targets.

Solo asks: "what should i do to become a pro. chartist on some news channel?"

My tongue in cheek answer: Pray for a lot of good luck.
A more serious response is: become skilled in your work. Get certifications, practice, read, trade 12 hours a day. Surely, the media will come to you.

Utopia asks "Dear Sir...I am sorry for deviating the topic but please tell me how can and where I can learn technical analysis? can you please also tell us about your background and how is started your career?"

My response: This is a serious, well thought out question. How do you learn technical analysis? My suggestion is: read books, browse as many TA websites as you can, work with a TA software, practice , practice, practice. Finally get a certification. To get an accepted professional certification, you need to wotrk for 3-4 years as an analyst. This part is difficult. But you have to find some way of doing it.

Pi asks: "question just came to my mind.. over the years from what you've seen of our markets - have our markets become more efficient or less efficient."

My response: I would think they have become more efficient as compared to the past. Probably they are much less efficient when compared to the S&P market (for example). That's why it is still possible to make money in India with relatively simple methods. As time goes by, this will become more difficult.

Have Fun

1 comment:

gurvi said...

great to see your response after 3 day.. ;)

What is your nifty target for next a week or so.

Thanks.