Nifty has shown some good movements since 2weeks, and thanks to some government holidays which also helped the mkt from correcting further as some correction happend on 11th april on friday, when a huge correction wiped of 300 points from Dow jones and on Nikkei around 400 points, and on 14th april there was a holiday here and many traders must have thanked to SEBI,otherwise that day could have been another black monday. Now what i think is that we are on the mercy of Dow jones once again, and if some serious bad news comes out, we should be ready for short selling any day. Nifty has a strong resistance at 5215-5240, nifty should close above it with good volumes, then we can see 5500 very easily, otherwise a correction to the level of 4900 cannot be ruled out.
My view is on the basis of just seeing the charts is that the positive divergence pattern is still there and have not completed yet, this means i am more biased toward an upside than on downside, we might see a small correction but eventually the mkt is headed upwards on the basis of charts, and not considering the volatile and undecided Dow Jones!
Thursday, May 1, 2008
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