Posted by
BishopGuy
at
9:52 AM
Nifty Fifty --- 18-02-2008----Monday
Both the Indian Indices had a very good run last week. Sensex gaining well above 600 points, while Nifty is around 5300 now. But the outlook for medium term remains bearish. In my view the current wave is a corrrective rally and we will soon be looking at new low.
As as there is no possibility of making new highs, what should we do? Ans- Without a doubt go short and you will be in the money. Hence we are watching for 5340+ on Nifty. Boy! if you see this number tomorrow sell a lot of nifty future and no matter what (even if the Warren Buffet starts buying) you will take home handsome cash. Before rising ro this level nifty made a high of 5220 and then sliped into the red and then the current high. 5340-5360 is a major resistance and it should come down from there.
Offcourse have a stoploss of 5410 as this will be the ultimate point for this corrective rally.
Any comments are most welcomed. Knowledge should ever grow.
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