Yesterday was a see-saw battle between bears and bulls, a classic day for intraday traders where the market gapped up, then lost all gains, then ran up again until last 45 mins to close when suddenly something hit the bulls hard and markets crashed to a doji like closing.... for some it was a good intraday game whereas for others it was frustrating since their SLs got hit both ways.
Structurally, this swing seems to be more bullish than bearish to me however I would like to stick to my system and levels hence no longs until 2890-2900 levels are crossed on an EOD basis.
My Nifty shorts from 2850 are still intact and so are my ICICI shorts from 420. HOwever today it seems we are set up for a nice gap up in the morning!!
Besides NIfty, I am posting intraday magic levels of Infy and swing levels for Punj LLoyd on couple of requests i got yesterday.
Intraday magic numbers for 4th Feb 09
NF = 2695, 2730, 2780, 2815, 2865
Infy(cash) = 1235,1265,1280, 1310,1325
Swing Positions
Continue holding NF shorts initiated at 2850 SL 2890-2900
Continue holding ICICI shorts initiated at 420 SL 406
Punj Lloyds = Punj looks week to me, can fall upto 65 from here which is where a long can be initiated with 60 as SL . On the upside it will face resistance around 125 levels hence a short can be created around 120.
Cheers
SH
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