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Chennai, Tamil nadu, India

Monday 30 June 2008

30-06-2008 Views

Hi, Another week passed and new week started. The day after the June contract closing Nifty closed 136 points below the closing day figures. Last week we saw the resistance at 3200 level and then it met resistance near 4200(4217) and market tanked. The Nifty has closed near 4150 (4136) which is a support beyond which supports are 4100,4000. Below which if Bulls fail to take the market up Nifty will come down to 3500-3550 level.Before touching 3500 levels due to the bottom fishers who try to buy the stocks at lower level for long term investments will take the market up.Similarly some short covering may also make Nifty to move up. In this voltality people who short at lower levels will be hurt very badly. The author is of the view that traders should see that their positions should be properly hedged and no order should be with out proper stop loss. While the author of this post is not responsible for the profit or loss incurred by the readers due to decisions taken based on this post he wishes every one a very prosperous day.

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