Market gave a breakout over a falling trend line on hourly chart. Most of people expect lot from the market. Most of people expecting that RBI will do rate cut. It did not happen and in hectic they sold prices and pull the index down. But they forget that there is smart money sitting around lower volatility range (5821) by spreading net to trap all the prices at low rate. Stoploss would have been triggered at lower level. Why do you trade on expectation when technical analysis is a wonderful tools and it is available with all smart money. Why don't you have ? You may be also a trading hero. knowledge is power use this and gain this.
As per nifty Eod chart slow stochastic has given upside cross signal at lower level indicating that price may go more higher in near term. As told you near previous expiry that closing may be violent, I am saying this again that nifty may be violent till December end. Nifty has corrected time wise in the wave extension but not price wise to much. I expect nifty may go above 6100++ till Dec end. For this up trend positional long players keep stoploss below 5859.
Almost 8 lakh shares added in both 5800 and 5900 put in open interest, as nifty future was up by 39 points and open interest increasing in current strike on the put side indicating that put has been written today. It seems that there is lots of energy remain in the current up side rally and fresh speed will take place from tomorrow. I am bullish till 6100++ in this year end and definitely you will see again like 2008 bear rally in 2013. Beware Worst Nightmare for Bulls is ahead in 2013.
