Nifty - at 'DUBAI' support !!

The Nifty opened positive, fell below yesterday's low and then recovered to close slightly positive. This roller coaster ride may suggest that the bulls and bears are now deciding whether to 'take out' the low made on the day of the Dubai crises. That days low was 4806.

Daredevil traders may want to become bullish with this low as their stop. But remember there may only be merely a corrective rise. Also a break below 4806 either tommorow or on Monday should give the market more jitters ... Till then bullish traders may sigh some relief.



Any thing between 4935 and 4978 should be profit booking level for short term intraday buy positions.

While the major oscillators and also advanced indicators are oversold, a bounce back may not occur with strength. . .

Happy trading !

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.