Monday, June 22, 2009

Quick market review

As I wait for my CNBC interview to begin, here are some thoughts on the markets.

At 4200 in the Nifty, there is considerable support. That support showed up on Thursday and Friday. There is a buying opportunity for swing traders with a stop below 4200. If the Nifty moves below 4200 (does not have to close below it) exit all long positions.

Once you take the view that the uptrend resumes, you shouldbe looking to buy on dips. We have to remember that this is a mature uptrend. It started from 2500 and touched 4700 in just three months. Therefore, the possibility of a failure are high. Breaking below the 4200 level defines a failed rally for me.

4 comments:

CHANDU said...

Thanks for taking time out and quick post.We follow u sudarshan ji.

Regards
chandu

gurvi said...

Thanks for your comments.

I'm going long, hopefully by end of this week we may see new high :-)

Cheers!!!!
Gurvinder

Raj_arora said...

I regularly read your blog and follow to your tips on CNBC. Last week, you suggested buying Axis Bank on CNBC TV18. I bought July future lot at Rs. 725/-, I am making reasonable profit on it, can you please suggest me where I should exit/book profit, should I wait till budget?

Apoorva said...

Thanks Sir,