02 May, 2007

Nifty changes gear

Well .. well .. well ... monday's analysis worked out perfectly and we did almost exactly as suggested ! must have been my lucky day when I wrote it ! ;) Gapping up at open, we sustained the same throughout the day, with a minor blip intraday, closing above that resistance level of 4145 in the end. In the process, NF went into premium at close, at one point almost 14 points premium intraday ! Shorts rushing to cover, no ? The trend, from here, is definitely up and we should be testing the previous top of 4245 with resistance at 4165-4195 in-between. Now, will we break the previous high and, if so, then where are we headed thereafter ? The past three trading sessions seem to indicate that we are going to cross the previous high this time and once thats taken care of, we are headed for 4375 on the Nifty (14900 on sensex) for now. Enjoy !

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