This update is being given as nifty has just broken the trend line drawn from the low of the march which primarily indicates that the uptrend might have just ended. It may also be noted that this is the first time that nifty has continually fallen for 4 days in the last eight months. This clearly indicating that bears have slowely come into the market and we might see bears dominating the market in comming months. Generally when long term trend lines are broken then we generally see it continuing. Now bulls might make a last attempt to take markets higher and it appears that that would be the top of the market or the last pull back rally. it may also be noted that nifty has again went below 15 day EMA low which clearly indicating that bears are on proul. In my view it is the best time to come into cash and wait patiently for market reversal.
M.Sri Mahidar
Trend is Friend.
Thursday 22nd October 2009 Tme 20.00 IST
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