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| Discuss Nifty analysis for 25 July 2006 at the Futures within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Disclaimer: These are my personal thoughts and not meant to be trading advise. As we ... |
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#1
25th July 2006, 08:26 PM
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Nifty analysis for 25 July 2006
Disclaimer: These are my personal thoughts and not meant to be trading advise.
As we have seen, time and again, the Nifty has again gone and tested the 3050 level once again, putting us squarely within that trading range. The positive aspect is that the low of Monday is on the earlier congestion zone. Secondly it has just taken support on a Fibonacci retracement level of 48.6% of the entire rise from 2595 to 3208. No doubt, the Nifty has made a higher top, above its immediately previous resistance level, but please remember, it has also made a lower bottom. This is not an ideally bullish scenario. An ideally bullish scenario would be that the Nifty corrects from here, makes a bottom above 2880, and then violates the high of today, which would be 3047 levels. The broad market is indicating some more bullishness to come, but remember, the broad market cannot distinguish between a bear market rally and a genuine bull move. As stated yesterday, selling into this rally indeed has been profitable. However, since the Nifty has made a higher top, we could be prepared to buy the dips now. Obviously, it goes without saying that adequate stops should be adhered to, without which a person should not even dream of trading, let alone investing. 
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#2
26th July 2006, 12:04 PM
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Re: Nifty analysis for 25 July 2006
Very good Analysis Dusant.
One request,kindly make a single thread called Nifty Daily Analysis or something like that and post ur daily thoughts there.It will be good for new as well as senior members. You are doing a very good work. Warm Regards Amit.
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#3
26th July 2006, 06:57 PM
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Re: Nifty analysis for 25 July 2006
Thank you for your very kind words, amitt29.
The only reason why I am not keeping a single thread is that I plan to post the analysis everyday, and a single thread would not only make it cumbersome to navigate for newcomers, but also if they wish to check out what was analysed a few days earlier with the charts. If you scroll down to the bottom of the page, my earlier threads are shown, you can also refer to them and check out the charts, particularly on the operative turning points. Trade Happy. Dusant
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