17th Feb 09

A suspected by my the interim budget failed to offer any goodies to the market and it did prove to be a big DOWN day. I hope people who were long in NF closed their long positions as suggested by me in the morning and shifted to 3000 CE which would have meant that they would have only lost 10-15 points in calls when the 2870 SL was taken out. For intraday moves, again as suspected by me my M1 was taken out convincingly to a non stop ride to 2820. If you see how the EOD charts are developing (above) mkts closed at the trendline but is still in the broader channel. Today I suspect that mkts will gap down due to negative global cueus which will mean a breach of this trendline hence more downside. I had opened swing shorts at close of day yesterday since it was closing below 2880.

Magic numbers for today

NF = 2750, 2790, 2860, 2894, 2965 (today my M1 & M5 should not be breached)

Cheers

SH