budget

budge over and no bounce yet.i ve been expecting a drop to 4760 range ..hopefully that will come about. but its been quite dangerous to take a position, long or short.
spx is also meandering.
its always good to have markets in such a doldrum coz one gets a break and secondly the trend after such meandering is strong and decisive.

nifty

looks all set for 4760 level, which is a great buy pt. small bounce maybe seen from 4802-4790 spot levels but 4760 arnd shud be reached.
will be looking to go long here with initial stop at 4739.all cash levels here.

markets

it looks unlikely at this time that markets, nifty and spx will break the lows made recently.
in that case , a couple of weeks down the line , nifty should begin its upleg to 5600 levels at spx to 1200 .
except for scalps, it will not pay to trade positional the way charts are set up.so i will not be aggressive in taking a position.

nifty

exited long at 4921 future level.
will look to go long on all decline to 4970 with a stop of 4940. actually it should not trade below 4955.if it does i ll be very cautious

nifty

have gone long nifty fut at 4870 level towards the close. lets see what happens tomorrow.

first sign of some strength in the market.

resisitance zone

for sensex resistance exists at 16400-16650 zone which is a huge resistance.
but failure of market to fall is usually a sign that rally is looming(or extreme weakness).
i ll give one to two more sessions for a decisive rally to occur else i ll move to 'extreme weakness happening' camp.
however a lot of stock charts are getting positioned for a rally esp. the reliance pack-ril, rel, relcap ..suzlon..some real estate ones , a lot of psu's ..and many cash stocks....which augurs well for the bulls.
and i have said previously also, a top shouldnot ideally occur till reliance makes a new current high.

i didnot trade last weak once shorts were covered , i hope market will give some bounce and a safer zone to trade.

i really like TWL.real hot.

MARKET FIGHTS

markets are fighting hard not to decline more than they have or atleast reduce the speed of the fall.this is a typical sign .however it might also be interesting to note that markets are taking longer than usual to form a bottom and rally any significantly.one or two more sessions and it has to rally or fall hard.

exit shorts : sensex

covered shorts at 15700

but it will take some effort to get above 16200 level.

nifty

all shorts need to be covered up at monday opening.
its a risky zone for shorts to be in place . a sizeable bounce may just be around .
nifty will attempt /make a new high as of now.

initial targets

a break of 1103 was expected to give 30 odd points straight which has happened.
spx has bounced from support zone.
in a couple of days or maybe on friday , a good safe shorting level will emerge which is 1110-1125 zone .
strategy is to short at higher levels but on weakness only.however i feel fairly confident that even one was to short on stregth and hold , one should not incur a loss.