Treasure Hunting Map ( Nifty ) - 6th OCT

Hello Pirates

What an impressive day, a red day yet again after a long time, this was a fall which can in installments, all longs were trapped at high levels & during the first half of the market, it tried to make new highs & tried to cross the days high but reversed from those levels, then after the opening bell for Europe it slipped a bit, but yet after a flat opening in red for the European markets, it just fell off, yet during the last sessions Europe was trading in green with nominal gains, but our bulls had taken there last chance to take over the markets & in the last the bears took over the game & the end bell was in RED.

But we feel that as the markets were trading in discount for the past two sessions, there were some shorts taken at high levels, thus this fall had to be seen in the end & thus in the end of the day nifty was trading in premium which indicates that shorts were covered at the lower levels during the session.

Treasure Hunting Map for tomorrow is : -

Nifty has support at 4980 levels, & on the upside if we see the high for the day its around 5050 levels, thus for tomorrow nifty would have to brake 5050 levels to make a new move & a brake above 5090 levels & close above these levels would confirm a new brake out on the chart which would lead it to new highs for the year 2009, but do see the levels, nifty has not broken 4980 levels, thus if these levels are broken we might see 4950 - 4920 levels also, but there is a strong support at 4900 levels, so until we are above these levels we are on the green side & this bull bear fight would continue till higher levels.

NIFTY

Buy Nifty above 5030 - 5039 - 5055 - 5081 - 5107 - 5123 - 5139 SL - 5015

Sell Nifty below 5008 - 4997 - 4980 - 4971 - 4955 - 4939 - 4913 SL - 5023

OR

Buy Nifty above 5050 - 5065 - 5080 - 5095 - 5120 - 5150 SL - 5030

Sell Nifty below 4980 - 4950 - 4939 - 4910 - 4880 - 4855 SL - 5000

LEVELS TO WATCH OUT : - 5049 - 5026 - 4980 - 4957

BANK NIFTY

Buy above 8680 - 8725 - 8756 - 8804 - 8851 - 8882 - 8913 SL - 8662

Sell below 8646 - 8599 - 8568 - 8537 - 8489 - 8442 - 8410 SL - 8669

LEVELS TO WATCH OUT : - 8748 - 8705 - 8618 - 8575

The coming sessions are going to be very volatile & very fast, so make your moves fast & avoid the traps, follow the levels of the market instead of hunting the trend of the market, the trend of the market is no where, this is nor a bull market nor this is a bear market so get all set to enjoy the game instead of being a player who is being played by the game.

A clear bull run is still not set so trade carefully in the market as per many traps have been set.

We would like to wish all the Pirates a very all the BEST.

Disclaimer : -

The above stocks are my personal views, one may see that trading in the market involves risk and thus one may trade in the stocks at there own risk, we won't hold any responsibility.

Regards

Treasure Captain

www.moneybaghunting.blogspot.com
http://twitter.com/moneybaghunt
Yahoo User ID - moneybaghunt