Bingo!

Well I got the selloff I was looking for...Should continue for ATLEAST some part today too. I hope you also noted that Reliance cratered and took the market along with it...Dont I deserve a star? LOL!!

Give SS one too...That was an amazing chart and call idea from him - check timamo.blogspot.com

Well anyways joke apart, I am not sure now if this is a sharp corrective selloff with more recovery highs to follow or if it is part of an initiation move that should go on to test the market lows at 2250 and probably lower at 2000 odd. Any thoughts? I am not sure.

I will most probably cover some of my shorts today...Hedge puts against cash longs will remain.

Comments, ideas, thoughts etc welcome. The forum I used to post for ideas VFM has become a noisy and useless place due to some new elements posting and spamming there now. Comments can be posted here also...Will be welcome..And hopefully some kind of healthy debate can emerge.

Best.

And the Beat goes on!

Well today was quite bullish...More than my expectations...Looks to me like some short covering and some panic buying by those who missed the bottom. Well, I am still seeing a decent pullback over next few days.

Some things I saw today and yesterday....Reliance was weak...Visit SS's site - timamo - for more on this...While Nifty continued to rally...If we take this as a sign of things to come, Nifty can get weaker over the next few days after the late to the party retail crowd gets bullish. One other thing I noted today is that all the so called financial advisors on TV have turned bullish. Where the hell were they when we were at 2250?

Well pullback is coming for sure...From where I do not know..But lets watch 3160 and 3250 areas closely for more clues. It might not be a big selloff and I think this one should be bought. I started some small shorts yesterday...Its underwater...And I am hedged. Will look to add some more today. I am not looking for a big selloff and I will also look to buy the dips ofcourse after seeing the character of the same.

Best.

Rapidly Approaching Strong Confluence of Resistance

From the title of this post, you might have guessed, I am looking for some weakness going forward..Some kind of pullback only because we have run up too much too fast and we have also kind of reverted to the mean after all the recent market mayhem. Some pullback is possible..And will also be good for the market.

After this pullback, can we rally again? Definitely. We need to see the nature of the pullback first ofcourse. I believe the market will build an important low and base in the market over the next few months. Dont be surprised if we do not go anywhere in next few months. We can go down some, then go up some and then one final low around 2100-2000 area which should give up a multimonth rally...I am still long but I have some hedges in place and will also look at building some very short term shorts in Futures today. Longs are in cash stocks.

Some charts for your study below.

Comments welcome and urged...Confusing times. Trade Safe.

Best.