Treasure Hunting Map for Nifty - 29th

Hi Friends

Nifty has been in a hurdle strangle as of now, die to expectations being generated from the market from it fellow mates are not being fulfilled, thus the market is getting some shocks and not emerging at its highs as we can see in the other world wide markets.

Today was the day when the RBI was about to show some light on the banking sector, but RBI came up with no cuts and markets slipped and pressure was seen in the banking sector. Markets also slipping and was in red, then in the second half when the europe markets opened up there gates, they traded in green light thus our markets recovered from lower levels and closed about the near closing of the previous closing which would called an flat close, but the volatility index did increase as we had predicted.

Trading strategy for Nifty for 29th July 2009

Nifty buy above 4582.00 - 4599.62 - 4617.38 SL - 4568,

Nifty sell below 4546.63 - 4528.87 - 4511.25 4493.63 SL - 4563

Charts show that the closing for today which is at 4564.10 is a close both in the favor of the bulls and the bears, neutral close, so the game is still on and the fight in the ring between the bulls and the bears will be on.

On the lower side nifty would find support at 4520, which is a crucial support for the market which once broken and slip the market and the ball can be in the favor of the bears as per they become strong and on the upper side a close above 4620 is said to be in the favor for the bulls and bears would weaken and bulls would start a bull run to 4700 levels.

Volatility is likely to increase more as per the parts of nifty are under pressure and some are out performing, so be careful and trade with strict stop loss, one may get trapped in longs and shorts, one doesn't know where are we heading as of now.

But we say that this expiry we head to a range bound situation where we close between 4650 and 4500 levels which is on the 30th of July, just a few days to go and in August we are going to see up some surprises.

Trading in the stock market involves risk, clients are advised to take advice from their financial advisers before making any final decision on the basis of the above mentioned information. The above mentioned information are our personal views and educational purpose, and one has to trade with strict stop loss, we hold no responsibility and trader is trading at there own risk.

Regards

Treasure (Captain)
www.moneybaghunting.blogspot.com