NIFTY - taking direction from HangSeng!

The Nifty opened in down Gap and fell further losing more than 140 points on close to close basis. Again, I am sure my earlier participants have had a busy day earning profits! .

Well, incidentally you may have noticed that HangSeng has broken the crucial 19500 level (This is what we discussed in one of my recent sessions. I had indicated why the 19500 level was more likely to be broken and what impact it will have on Nifty). The Nifty too is following suit and has broken its crucial 4900 support level.



I presume more bloodshed is likely in coming days. Better concentrate on the intraday trades ... (up and down)

Advanced indicators (not shown here) are suggesting that the downward move is gaining momentum and hence investment buying is not advisable. Moreover, there is also a 'dangerous' pattern on the Nifty charts which I have been suggesting for past two months or more.... Lets keep our fingers crossed and earn money in down moves!

Happy intraday trading !
CA Rajiv D Khatlawala
www.investogyan.com