Treasure Hunting Map 12th Jan 2010

Hello Pirates

As we had said in our previous articles at the starting of the week our first article that nifty is over all weak and we may witness some correction and in todays session at the starting bell we saw a gap up opening and one had got a chance to short nifty at higher levels and thus in the second half as we had warned all in out conference room that this is a fake rally for the day and we are gonna witness some profit booking which was seen on the cards....

The king of the market had its 4th block deal this time and they sold there treasury shares to FII's and we closed at a flat note, for the up coming session, IIP numbers are to play a very important role and Nifty has closed below 5275 which is the weekly short brake out point but closed above 5220 which is a support for the bulls, thus one may see a clear direction of the market below 5220 and 5180 only which creates a panic sell off and welcome the bears with open cheers....

Every one are expecting good IIP numbers as compared to previous ones, they would play a vital role in the direction of the market, but as we all know what we expect we hardly get and what we get is the opposite of our expectations as per markets are the supreme masters and they teach a lesson to all, instead of getting a lesson from others.....

For the session we would advice traders to play with strict stop loss as per the session wont be so easy as it looks as per volatility would be at hits high.

Nifty will try to touch

5252 - 5237 - 5228 - 5219 - 5205

or

5275 - 5284 - 5298 - 5313

(Intraday Levels)

Over all if we look at SGX Nifty its trading at 22 points in red, so one can expect a flat opening and global ques are also not so supportive, but our markets are its own runners, thus keep eyes and ears open on the IIP numbers, always remember on the charts everything is not clear but out mind is one golden key to questions which can make things clear, so be practical and follow the golden rules, stop loss are meant to be hit, but targets are meant to be archived.

Weekly Point 5254 (Make a note of it for this week)

Over all every rise should be taken as a chance to short nifty with a Stop Loss at 5309 levels and keep booking profits as per convenience, just watch out 5220 - 5180 levels on closing basis for holding your long positions....

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

Live Conference at www.treasurebag.ning.com