First Sign of Weakness in Nifty

After almost a year I have started tracking Indian market again.  As, you should not forget your roots…hmmm.

I captured move in Nifty when it was trading around 5600 level, unfortunately could not take any trade, because I was just testing myself, whether I am on track or not.  I was expecting Nifty to test 5870 levels, but fortunately it bit passed off slightly more, and as expected media bulls are in force to give you 100 odd reasons and justifying current move (they have to because they are paid for that…absurd).

Lets come to main point, I don’t want to waste your time by saying what happened, I am sure, you are interested in knowing what is next.  As such, I am not an astrologer to forecast future, but I will tell you what I can see on chart.

NIFTY AS ON 07 Dec, 2012

NIFTY-5907 AS ON 07 Dec, 2012-

Today, I saw weakness setting in the chart, by no means am I saying it’s time to go short, but it’s not time to go aggressive here.  You must be thinking, than why he is talking now, but to answer your question, I am just seeing first sign of weakness, waiting for confirmation, and don’t worry I will also comeback with a point when to enter a short, at that time I will not tell you, to wait.

My only fear is, from this level I can’t overrule a spike, by that I mean some further gains.  Let’s see, what Nifty does.  My advice is very clear- if you are holding longs than tighten your stops, and hold position, don’t add further.

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