5060 Important support to watch

Wednesday, May 14, 2008

5060 Important support to watch

Close longs(if you are long) and go short if we break it...I am still holding shorts..Total avg price is 5045...Not feeling very good about it...But decided to hold for a day.

Best.

2 comments:

FJB said...: Lee, I am short too. My shorts are at ave 5105 ... also shorted RIL, LT, INFY. Puts in some scrips as well as 4800, 4900 Nifty puts. So u see heavily banking on shorts ... u r right not comfortable in this scenario ... but i am not seeing upmove to continue in next one week ... As far as uptrend support is concerned, it was broken in Jan also ... see movement from Jan 11-Jan 15 .. similar slight upmove seen before the crash ...; May 15, 2008 at 8:57 AM
ruchit1212 said...: HI,

FIRST I WOULD LIKE TO THANK YOU FOR YOUR KIND ADVICE AND RECENT CALLS, SECONDLY WHAT I FEEL OF THIS MARKET AND DOWJONES IS IT IS NOT WILLING TO GO DOWN, COME WHAT MAY BE THE BAD NEWS(CRUDE 126,INFLATION MULTI-YEAR HIGH,RECESSION,SLOW DOMESTIC GROWTH,TERRORIST ATTACKS) AND IT IS MOVING RANGEBOUND JUST IN AN ANTICIPATION OF ANY GOOD NEWS TO EXPLODE AND REACH NEW RECENT HIGHS(5700) AND IT MAY ALSO HAD DISCOUNTED ALL THE BAD STUFF, AS NIFTY MADE IT'S LOW(4448) WHEN CREDIT CRISIS WERE AT IT'S WORST, FEAR OF U.S RECESSION WAS AT IT'S PEAK AND VERY NEW TO HEAR,ALONGWITH DOMESTIC PROBLEMS OF OVER-VALUATION DURING JAN. HIGH'S, TOO MUCH EXCESSES IN THE MARKET,OVER-LEVERAGED POSITIONS AND OVER-OWNERSHIP. SO I FEEL THERE IS REMOTE POSSIBILITY OF US TESTING THAT LOW'S UNLESS ANYTHING DRASTIC FUNDAMENTALLY HAPPENS (POLITICAL INSTABILITY,GOVT. MEASURES).SO MY IDEA IS TO BUY(SCATTERED)ON DECLINES AND HOLD. WELL THAT IS WHAT I FEEL. U MAY MAIL ME UR VIEWS ON THAT.MY ID IS ruchit1212@hotmail.com; May 15, 2008 at 10:01 AM