Home > NIFTY Strategy, Trading Ideas > Time to turn bullish again?

Time to turn bullish again?

Wednesday, August 8, 2007 Leave a comment Go to comments

Markets are holding firm around 4430 levels. Till this point of time, no intraday volatility is visible.This is very encouraging for the bulls. Now what should be our next move?

As a trader, I am going to cover my remaining shorts if markets hold above 4415 levels . At the same time, I might even go long if the market holds it ground above 4435 levels. Please note that this is a risky trade. But the reasons for going long are simple:

a) Short term trend reverses for me above these levels

b) All the CNBC experts are negative and cautious (now this is non quantified indicator) 🙂

Also, I am prepared to be out if markets open with a 2% gap down tomorrow. If you are a slightly risk averse trader, you might do well to enter only after a close above 4550.

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  1. mash
    Saturday, January 12, 2008 at 10:54 pm

    Bag films is just a bull’s shit not more than that
    sameer gehlot can ditch the stock as he is already standing on a huge profit

  2. sagecapital
    Wednesday, August 8, 2007 at 4:39 pm

    IFCI is already a multibagger for people who bought it at Rs.14.If you get 5 times your money in 8 months,then what else is it?In short term 70+ might be possible.

  3. sagecapital
    Wednesday, August 8, 2007 at 4:36 pm

    Bag films is nicely trending up. One can ride the trend by either keeping a 49 Stop Loss or 38 stop Loss.
    I first heard about the stock when one of my clients came up with this news of Indiabulls promoter Sameer Gehlot picking up a big stake in the company. Ever since the stock has been trending up.

  4. manjeet
    Wednesday, August 8, 2007 at 4:36 pm

    sage,
    long ago u had commented on IFCI, the stock is trending up nicely after the stake sale news. The fundamentals of IFCI seems to be strong.

    Could this be multi bagger, pl comment?

  5. nk
    Wednesday, August 8, 2007 at 4:17 pm

    Whats your beef on Bag films?

  6. sagecapital
    Wednesday, August 8, 2007 at 12:52 pm

    This might be a knee jerk reaction. I am not an expert on ECB flows, so can’t comment on that.But there is a possibility that rupee might have formed a bottom at 40.20 levels.
    I can not say if IT has bottomed out on the basis of a single day upward move.INFY faces strong resistance in 2040 range. If it breaks out of that,then things might be brighter ahead.

  7. Shyam
    Wednesday, August 8, 2007 at 12:48 pm

    Sir,
    I request you to give your expert comment on
    ‘ E C B ‘ ( external commercial borrowing ) issue,
    and guide us technically and as usual ‘ Logicaly ‘
    as to what position should be taken on the
    ‘ Tech pack ‘ in the near term.
    Have they bottomed out, or still they might underperform ( is this a blip ).
    your ‘ Logic ‘ really works.
    Thanks

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