26/08 F & o expiry day...market was quiet for almost 90% of the time and i would like to call it as a dull day for the bulls..but the last one hour of the session offered good short trading opportunities for JSW steel....the charts are still looking weak and people who are trading only in equity market wait for some more time for a good buying opportunity...
NIFTY might have formed a top at 5542(futures)and in the bullish channel it shows till 5650 levels as the top of NIFTY in 2010(t maximum possible level as of now if it is managed to cross the previous high at any point of time)....in the downward channel watch out for crucial levels of 5430 and 5360...at 5542 an uptrend seems to get matured on the basis of both price and time
So traders can intiate short postions at 5530 -5550 levels as the upside is capped at 5650 levels. Thus the risk:reward ratio suits for shorts and not for long positions.
Dow chart s not at all looking attractive and technical pull backs can happen in crude and dow ..but the short term trend s still in favor of bears!!!
