I am neither good at bottom picking nor I ever trade on my gut feeling but for the sake of contest, this is what I feel.
Nifty will bottom out at 3850-3900
Will bounce back to 4300-4350
Will try to retest 3900 level again before actual reversal can happen. But can't trade flat for longer period of time.
Timing : By end of first-second week of July 2008
Why I say this :
1. Uptrendline is respected since May 2004 despite all corrections during these 4 years and assumption that it will still be respected in order to maintain interest of traders and especially long term investors in the stock market. Afterall, markets cannot function without interested participants and already volumes on Nifty are significantly low in recent times. People are already looking for and are investing in other options like Bullion Trading.
2. Downtrendline is becoming too steep at the moment so it is more likely that bears are at their peak and (hopefully) they will not be able to maintain that thurst for longer period with less influx of fresh buyers in the market.
Although the author of this thread has banned critism, questioning on any posts, I would love to hear from seniors if I am going wrong somewhere (and where) as I have not witnessed bearish phase for such a long time in my trading life.
Regards,
Abhay
Nifty will bottom out at 3850-3900
Will bounce back to 4300-4350
Will try to retest 3900 level again before actual reversal can happen. But can't trade flat for longer period of time.
Timing : By end of first-second week of July 2008
Why I say this :
1. Uptrendline is respected since May 2004 despite all corrections during these 4 years and assumption that it will still be respected in order to maintain interest of traders and especially long term investors in the stock market. Afterall, markets cannot function without interested participants and already volumes on Nifty are significantly low in recent times. People are already looking for and are investing in other options like Bullion Trading.
2. Downtrendline is becoming too steep at the moment so it is more likely that bears are at their peak and (hopefully) they will not be able to maintain that thurst for longer period with less influx of fresh buyers in the market.
Although the author of this thread has banned critism, questioning on any posts, I would love to hear from seniors if I am going wrong somewhere (and where) as I have not witnessed bearish phase for such a long time in my trading life.
Regards,
Abhay