Saturday, August 2, 2008

Nifty Update for August 4

Here's the complete weekly movement of the Nifty (spot) since it moved down 6630 level. What did it do? A steady downward trend, and bouncing up and down a nice steep slope. I had said that August 1 was a critical day because we have once again kissed the top trendline.

All cylinders firing, Nifty needs to crack this downward trendline, and move up to 4530, before 4880 can be achieved. Most of us are in favor of the bull case, for a long time. In fact if you read some of Sainik's amazing posts, you will realize how prophetic his words have been.

For now, let us - if you are a bull - watch the crack of 4530, and then take it from there. One friend believes that this could be taken out in the gap up of Monday. Should this happen, may be the Rain Gods may shine on traders - even if not on the country.

Posted by Bhoomi Trader at 2:26 PM

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2 Comments:

The Trader said...

Dear Bhoomi, is this the same post one of ur analyst Mr Santosh Gundecha has posted? The charts looks exactly same with minor difference in levels. The only difference I find is the nifty and nifty future between u and Santosh. Do u want to emphasise the point?
Else what is the point in giving same chart daily.
Even arrows are at the same points :) . Pl check ur ealier post nefore giving new posts and co ordinate better, so that same thing is not repeated. anyways thanks for giving your opinion.

August 3, 2008 at 12:54 AM  
Bhoomi Trader said...

Hi Trader:
You are right. Charts are similar, although this one is weekly. Obviously charts do not change for different analysts; perspectives do. One point though: Bhoomitrader is not a service for traders. It's a place where analysts and traders meet and express their views - similar or otherwise. Sometimes, views can be very similar, or completely different.

August 3, 2008 at 1:35 PM  

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