Nifty May Touch 4850 Level in the comming weeks. It may sooner than latter.All the (F & O ) indicators SUGGEST a sustainable rally of up to 150 odd points with support between 4600 -4700.
Technical factors such as inverted hammer pattern also suggest the same.
Traders are writing 4900 & 5000 calls as they do not expect the index to close / move beyond 4900 level.
The upmove is expected as the average trade in sep futures was around 4700 level though the nifty dipped to the intraday low of 4650 level which suggest that there was no panic in the market though the nifty touched 4650 level.
The closing of 4732 was achived mainly due to short covering of index heavy weights such as RIL, SBI etc.,
But ,
When all the experts on TV , FORUM, PAID SITES NEWS PAPERS are predicting a rally beyong 5000 I will try to Short sell 4900,5000 , 5100 & 5200 Calls when the spot nifty trades in between 4810-4850. Although I will be closely monitoring my positions & my stop loss will be say for 4900 call .... 4900+premium amt ( rate at which short sold) = Spot Nifty ... like wise stop loss for 5000/5100/5200 calls
Let the experts be on one side I will be on the OTHER side & hope the ALMIGHT will prove the heard wrong.
I always bear in mind that " ALWAYS EXPECT THE UNEXPECTED FROM THE MARKET"
Sunday, August 30, 2009
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