Nifty Update on 29-09-2010

Last three days Nifty is seeking direction. As per the other data, Sentiment is still bullish but actual sentiment will be revealed on day after tomorrow. Now lets make the strategy, Short position can be taken on October future if Nifty is unable stay above 6037 with stop loss 6073. Short position should be hold if Nifty breaks 5932.

Since direction is still not defined and made a very narrow range, therefore traders should be cautious. Trade may be for very short term if not breaks 5932.

Comment on my post.

Best of luck

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Nifty update on 19-09-2010

Daily Nifty Chart shows that Market has been over bought with very high momentum. 

Option Chart shows that traders are still bullish in sentiment in the current series despite of being the market overbought. Target of Nifty is not known to any body. 

FIIs are still in buying mood. 

My comment : The range has not been define as yet in the chart (Top has not been defined). Skillful traders will not take new delivery position at this stage. There may not be a big correction in near future because historical volatility 6/100 is still below 1. Nifty may hit 6000 but will be unable to hold itself above 6000. Nifty may get further momentum above 6288 (chances are low). 

I have covered my Nifty Future at 5760 last week. Waiting for further confirmation for taking short position will be posted coming days.

Best of luck.