iCharts Discussions

[rameshraja]

Today market will gap down in sympathy with weak Global Markets and Nifty can drift to 4342 and at worst can see the level closer to 4275 level. I think this is a good opportunity for bears to cover if they had shorted around 4500 level.

I am too too uncomfortable in shorting this market as weekly charts of Nifty / Reliance / SBI and other heavy weight Index stocks along with momentum counters like DLF / Reliance capital / REL have pierced the previous two to three week candles high. Infact many Index stocks have breached upside the sloping trendline which is drawn from Jan 2008 high to May 2008 high.


I am not dare to long this market until Nifty closes above 4515 ( which is 20% from recent low ) for two consequetive sessions. At the same time, I don't like to short this market when technicals doesn't give comfort to do the same. Better wait on sidelines and be a spectator of the market moves for next few days.

Nifty Futures Levels for today is : 4490 - 4340 - 4280


Best Wishes


C T RAMESH RAJA

[eagleseyes]

thanks RR sir ..for providing CAM levels and also providing ur view on the markets.....


Saurabh