Nifty Futures is in an uptrend, closing the day at 3652. This uptrend started on 20 March when Nifty was 2768. Is this a bear rally? Not an easy quetion. Nifty faces huge support at 3200. If it breaks 3200 it will be a downtrend. Obviously this 3200 figure will change with time.
This recent rally reinforces the need for a stop loss. All the traders who were short on the market without stops are now facing margin calls and still hoping for a test of 2200. Only time will tell if that will happen but the message is "protect your capital". Keep your stops in place.
Tuesday, May 5, 2009
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