Letting go..

Bank Nifty and Nifty Rally continues...

In my previous post (on 23rd, feb,2010 ) just below to this post we wrote that there is an indication we found in the charts that drive the market before/after the budget and lead a rally upto 300+ points.it become almost true.The bank nifty is 400+points and nifty is around 250+points...Today nifty may face hurdle 5050level and cross over this level with volume may lead the nifty upto 5140+ and if sustain above this level may motivate another round of buy and the rally may continues to 5300+level.

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Positional long trader can book partial/full profit today.if nifty find difficult to cross over 5070 level..(Gap Filling) if it trades beyond this and move ahead hold your long for few more sessions.

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Bank nifty may move upto 9200 + level. Here, the present level is critical and book profit if you are in long positional and avoid fresh positional long.I recomend only intraday trade in baknifty at this present trend.

Nifty Future - 5days Chart

Nifty

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In the above graph shown is nifty spot for the last 5days.

In this i could identify some hidden image of an butterfly pattern .What ever it may be..in the 19 days chart we can also see an " Inverterd head and shoulder " formation.Many times i have seen the market react as per the technicals not just alone driven by sentiments and that too this kind of un-noticed formation by many traders, can give an unexpect turn in the current trend.

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Am i confussing you? Ya, may be i am. Let me tell you one thing clearly unto you is.. Something is going to happen in the coming trading sessions....The market may raise unexpectely and lead a rally about 300 to 400 points from the current level.

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When it will happen, it is a big question now ?...It will happen after/before indian Budget or F&O Closing!!!.

We have to wait and watch..Positional traders can benefit a lot, if they can get along with the trend and also make use of the call/put Hedging methods now.