Trading Nifty on 18-06-2012

As theoretically it can go upto 5047+127=5174 my first trade of the day would be to go short  with a stop loss of 5175 and target below 4995(minimum).

The above trade may not look very convincing (going by Greek results/RBI policy etc)but as per Counts and labels this is the best trade that I can infer.

If Stop-loss gets hit,I would wait on the sidelines to see how the (fresh) pattern develops by EOD.

Please trade as per your convictions---- my best wishes to all of you.

To me another important question is where to fit this upmove 4770-5146* as once above 5151 it would not fit in the Exp Flat label (that was being followed till this day).It would be prudent to answer it at EOD only.

11.15 AM

Charts donot lie but markets test our conviction and operaters capitalise on it.

:-)

May be God blessed me for being the only bear around   

5047 remains important threshold.

If broken then 4900 is next target

2.20 PM

Next target sub-4994. The form that it takes to reach there should guide us further

And that means a bounce before reaching sub-4994 is quite possible as the "pause" at 5069 didnot count as any retracement whatsoever.

Trailing SL on shorts now at 5093

3.00 PM

Trendline offering support