Google+ NIFTY INTRADAY VIEW FOR 09-23-2010 ~ NIFTY DEMYSTIFIED

Thursday, September 23, 2010

NIFTY INTRADAY VIEW FOR 09-23-2010

So after quite a run up Nifty somehow satisfied the bears, at least provided a sigh of relief. During this strong upmove I met and talk with some traders, while some of them are friends of mine. One thing is being proved time and again, there are very little room for traders to think emotionally. The entire run up from 5350 to 6050 (massive 700 pts) was proved to be much larger because the mass was not at all expecting this. Very sorry to say but 95% of the retailers were/are short on the market, and I simply don't know the reason. Enabling comment moderation in my blog has proved to be lucky for few as they were continuously posting the bearish views, and I am sure enabling comment moderation has done good for them and their blog :-) . Sorry for sounding sarcastic, but that's the way it is. Stop spamming with your blog link. Please.

Most of the retailers have shorted the rally, or somehow missed it by shorting in the lower zone, and resulted in such severe rally. Being biased wont help in this market. Hope some traders including "bears" have gained good points in last few days tracking the view posted on my blog. Resistance given @ 5045/50 and support @ 5970 (day before last session) and 5950 have worked wonderfully well. One could have taken at least few trades successfully. Now talking about the market, 6045/50 has proved as a quite a tough resistance for the bulls, which has caused some trouble to the bulls, at least for intra day. Nifty support stays @ 5950/35-5910/05. Even it can go as deep as 5885 without harming the bullish sentiment. So as the intra move is being met with the correction/profit taking, both way trades are possible.

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