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Nifty CMP : 4245.25
There is a over exitement in the market. Now the Euphoria is about the
US government plans to rescue banks from billions of dollars in bad debt and the BAN on short selling in US markets for the next two weeks which further boost up our instinct for higher targets 4500 and 4800.
US government plans to rescue banks from billions of dollars in bad debt and the BAN on short selling in US markets for the next two weeks which further boost up our instinct for higher targets 4500 and 4800.
But my hourly charts shows limited upside may be extend upto 4330.
Hourly Charts are like shakira's Hip… Just remember "Hips Dont Lie…!"
And 4330 is the 61.8% retracement line drawn between the recent high 4625 and recent low of 3800.
In the Hourly Charts almost rsi and stocastics are in overbought levels(>80). So a limited upside is expected in short term. And the so called profit booking may emerge in short term. Though there is dragonfly doji or almost a Bullish hammer pattern is formed in weekly charts the overall week remains positive but with limited upside.So if you are choosing to trade in short term choose you stocks selectively. And dont got struck into the Euphoria… And do remember there is a small gap left unfilled near 4120 the Nifty Future which could be act as a current support for the week. And 4330 will act as a resistance for the current week. Hope market
return to the normal tune.
Happy Investing!!!
