Bears are Weakening - Inder Bhatia

I had attached four weekly charts out of that three are inverted charts for a clearer direction, and to understand happened during 2000-2002, how the bear market rally got over. This week we closed above a major trend line which is the first and early sign that the bears are weakening and the bear market is coming to an end. After 2-3 weeks we could see a correction but this correction will provide a good buying opportunity for bulls, however we need a double confirmation from the RSI.

The Importance of Protecting 3020 for Bears - AP

By not letting the Nifty rise beyond 3020, bears have saved themselves a massive 700-point headache.

Nifty for June 23 - No Respite from Selling - AP

The horrible effect of an island reversal was there for all to see. Both indices touched the lows of 2008 and this is certainly not the low of this year yet. The nearest support is seen at 4220- 4230, which in my opinion should hold at least for this month, June 2008. Hope the meaning of an ISLAND REVERSAL was explained loud and clear by bears.

How Far will the Bears Run Today?

The bears are banking on the resistance at 4941 which is a gap resistance. But, bulls are known to be extremely vigilant about such levels, and if they manage to get an open above 4950, bears have just one protection, that of our old 200 HMA, which is at 4990-5005.

Too many bears were expecting a vertical crash yesterday and today, and since the May series will expire today, they will be forced to cover their shorts. This 'force' of short covering will alone determine whether 5000 level is able to be crossed intraday.

If one is long, keep trailing. Don't book at predetermined targets. Trailing stoploss holds the key today.

Battle on the Edge of the Cliff - Thriller - Abhijit Phatak

So, after 2 weak days, the bears have sharpened their knives and are ready to go for the kill, or are they? Can we expect the 200-HMAgic work again?

The market is precariously poised and is on the edge of a cliff, below which lies a deep valley, and then the sheer force of unwinding will carry the bulls into the pits (that's what 'tips' become finally!). The low of 5000-5002 in Nifty future was touched on 4 occasions today and there is no further room to slip.

The bulls have their tasks clearly cut out for them. Firstly, they have to take the market up right from the word go, tomorrow, without breaking today's close and definitely not today's lows - a fifth attempt to protect that level will most probably fail.

The indices have to be taken far up above this level of the cliff till 11.30 am. This will ensure that they have some cushion to absorb any shock that the weekly inflation figure might have around 12 noon. If till 12.30 pm the bulls manage to control the Cliff level, then the bears will be cornered and the indices will have only one way to go: Up!

The first few minutes tomorrow are of utmost importance. So, stay glued to your computer terminals or in your broker dealing rooms, and enjoy the Battle on the Edge of the Cliff.

If 5000 level breaks, we have to see how many bulls stay alive to fight the battle another day. More about that over the weekend.