Hi All,
Laaaaaaao Bazaaaaar Nifty Sava 11 Hajaaaar
The bullish leg, which started after the bottom near 10550, continued strong and now Nifty is at a Life time high.....
The longs initiated near 10630, which were trailing with a stop below 10900, are still on, and the short position was not initiated as markets never broke the 10900 levels.
Looks like the now the next pit stop for bulls can be around 10400-10550, the target based on Symmetrical Continuation Triangle mentioned in the earlier post.
However, as the talk on the Dalal street goes, though markets are at All time high, hopes are at all time low. Though indices scaled life highs, individual stocks are far away from the highs. Even in last one year, where Nifty is up by 11%, only 5 stocks have contributed to take it up by 14%, rest 45 stocks are down by 3%, which is not a good sign at all. Also, Nifty upmove is not strongly backed by corporate numbers, and as a result Nifty is trading at high / costlier PE multiples.
However these deviations are a part of the game and surely not a reason to short for chartists. The long initiated earlier can now be held with a trail stop loss below 11150.
As usual, will advise traders to not get caught in the fight between Bulls and Bears and trade with strong chart confirmations with strict stop losses.
Laaaaaaao Bazaaaaar Nifty Sava 11 Hajaaaar
The bullish leg, which started after the bottom near 10550, continued strong and now Nifty is at a Life time high.....
The longs initiated near 10630, which were trailing with a stop below 10900, are still on, and the short position was not initiated as markets never broke the 10900 levels.
Looks like the now the next pit stop for bulls can be around 10400-10550, the target based on Symmetrical Continuation Triangle mentioned in the earlier post.
However, as the talk on the Dalal street goes, though markets are at All time high, hopes are at all time low. Though indices scaled life highs, individual stocks are far away from the highs. Even in last one year, where Nifty is up by 11%, only 5 stocks have contributed to take it up by 14%, rest 45 stocks are down by 3%, which is not a good sign at all. Also, Nifty upmove is not strongly backed by corporate numbers, and as a result Nifty is trading at high / costlier PE multiples.
However these deviations are a part of the game and surely not a reason to short for chartists. The long initiated earlier can now be held with a trail stop loss below 11150.
As usual, will advise traders to not get caught in the fight between Bulls and Bears and trade with strong chart confirmations with strict stop losses.
