Nifty Opened smartly on higher end of the day, but could not sustain those levels and immediately gave up all the gains. Once again during the day it did try to go higher but faced selling pressure on higher levels. Incidently, Nifty Future has made Double Top, which is normally considered to be a good selling area. Secondly, @4456 Nifty Future has doubled from the bottom of 2228 formed on 27.10.2008.For tomorrow, below 4320 , should be considered weaknes, with selling stop loss as 4350. Above this level will favor bullish trades. On break of 4100 - 4050 - 3925, be prepared for 3500-3550 levels. If you have shown courage to sell at higher levels you can replace the stock at those level, in the days to come. The Bullish fever is not yet over, so it is better not to sell Future, instead take risk with buying 3900 PE, which were available for about Rs. 25 today. If they are available intra day tomorrow, it would be worth taking the risk.
So, have courage and conviciton to sell the stock in this rally. This rally will start loosing steam if it does not go above 4650 tomorrow.
Happy Trading.
Ketan Asher.
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