As predicted yesterday Dow jones gave a weak closing and it can be a start of a downward trend ..and we had already predicted NIFTY got locked in t range of 5530 - 5550 (19and 20th blog) for a further up move. Instead of going for any intraday short positions it is better to have put positions that i've discussed earlier(only meant for options traders-people who are new to stock market ...ignore my options calls)....hope all the options traders have made enough money with their put positions or call writing positions....I dont encourage intraday shorts just bcoz the risk:reward ratio is less at this point of time....
Our first support still lies at 5420 - 5430 levels
and S2 lies at 5360...
Dow charts are still looking weak ...!!!cautious!!!
Stock to watch
TATA steel - start buying in small quantities at 475-480 levels with a strict stop loss at 450
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