29th Jan 09

29th Jan 09

Yesterday NF rallied..and rallied like anything. Some people said its short covering rally, someone else said fresh buying etc etc. However later the European and then US markets proved it was a global phenomenon rather than anything specific to India. From the past few days, Indian mkts have started pre-empting US markets in some ways, they tend to rally or drop ahead of US, which gives me an impression that the FIIs have decided to first trade in emerging mkts and later follow up in U.S

Anyways, yesterday NF opened at around 2790 as expected and continued its 45 degree up journey to finally stop at 2850. I booked my swing longs at 2850 with 200 points profit but still holding shorted 2900 CE (Feb) which are at 100 now (48 points in loss approx). On an intraday basis I initiated 2 longs at 2800 and 2825 booked with 20 points each and one shorts at 2818 which hit my 7 point SL. These trades were based on my intraday magic numbers for NIfty.

Did one more intraday trade, longed EDUCOMP at 1723 and booked at 1788 which gave 65 points profit. These again were based on my intraday magic levels on Educomp (thought didnt share them in my blog). I should have shorted at 1788 but skipped the trade since it was very late in the day.

ICICI, I opened swing shorts at 400 which hit my 410 SL and closed right there. I still believe ICICI can fall hence will open longs only if it crosses 420 now.

Intraday Magic levels for 29th Jan 09
Todays NF magic levels are 2826, 2879 and 2997
Todays Educomp magic levels are 1730,1760 and 1805

Swing position levels
Same as yesterday, I will short NF around 2880-85 SL 2900.
ICICI long levels are 410 and above however I have revised them to 420. Right now I will sell below 410 SL 420.
Educomp levels stays as yesterday.

Cheers