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Nifty is in Trading Bounce or Showing strength

Discussion in 'Technical Analysis' started by shabbir, May 8, 2012.

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  1. shabbir

    shabbir Administrator Staff Member

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    After cracking 5150 support that we discussed the other day (Discussion thread here) What are your views now.
    1. Is it a trading bounce and so it is shorting opportunity with stop loss of 5150
    2. Is it showing strength and so we should be going long now.

    Share your views below.
     
    shabbir, May 8, 2012
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  2. pawan_gaur1

    pawan_gaur1 New Member

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    i totaly agree with you that market should go down as it is also touching lower side of bollinger band
     
    pawan_gaur1, May 8, 2012
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  3. shabbir

    shabbir Administrator Staff Member

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    No I don't think market will go down in a straight line and I think it will be more of a consolidation and formation of support before market decides its next move and so I think shorting the spikes may work but should be done with lot of caution and also with very strict stop losses.
     
    shabbir, May 9, 2012
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  4. pawan_gaur1

    pawan_gaur1 New Member

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    very correct you said about the stop loss and i know you are the one who knows the market behaviour well enough than the so called technical analyst on the TV
     
    pawan_gaur1, May 9, 2012
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  5. shabbir

    shabbir Administrator Staff Member

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    That's a big compliment but to be honest I am still learning.
     
    shabbir, May 9, 2012
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