i have been advocatng my views of a bottom in our markets...using some logic,and historical truths abt how market behaves (16th oct 08),,using my understanding of strenth of a rally(29th march 09) and than using some innovative use of fibonacci ratio in projecting PROBABLE targets (11th april 09)...and so as on yesterday, nifty reached my target of 3700,and pulled back heavily from those area of strong resistance.a close below 3596 is first need to reverse the current rally,and than a closes below 3493 will make nifty enter a strong downward corrective phase.as i mentioned in my last article that 3650--3700 area is of resistance (which worked yesterday), but i wrote to watch dow(which seems to have broken out of an inverted head & shoulder pattern,,if on friday dow closes here,>8300 around)...our markets may attempt to touch 12600 and 3819 levels.
here i am giving levels for some major stocks to watch,,for trading purpose,if the below mentioned stocks closes below the level given after a particular hour completes(levels as per hourly charts),one can trade short.
rel capital 560
reliance 1839
bhel 1670
hdfc 1715
tata power 890
larsen 955
remember ,that these are market movers,,,i know this levels are a little away at present,,but in a few days whenever these levels are breached,the whole market may well enter a corrective phase
also, remember that we are in a strong up trend,so untill these levels arent breached buy on dips shud be the strategy.usin the same levels as stoplosses.
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