Posted by: Babu Suresh | March 5, 2009

Spot-Nifty-05-Mar-09

Spot-Nifty-Chart-1M-ChartSpot-Nifty-1M-05-03-09

A day to reckon with. A day, a week, many lessons, that were not either learnt or ignored earlier by our traders to be seriously taken into consideration. My usual sermons, do not take any overnight positions based on overseas markets, learn not only TA but real trading techniques and etc.

As usual, the first couple of hours witnessed barely any volume in Nifty Futures but later on picked up momentum, only to push Nifty downwards  and ended up with a whooping 42 million shares. All my 3rd and 4th Mar. Nifty Spot supports were firmly broken with the exception of 2563 and notably Nifty spot broke 2600 decisively for the first time since 2nd of Dec.2008.

Its noteworthy to mention, in today’s onslaught, Carin, Sail, Litl, to name a few escaped unscathed.

My supports & resistances for tomorrow, the 6th Mar.09 as follows: 2551, 2537, 2521, 2514 and 2576, 2590, 2601 respectively.

Spot-Nifty-5M-ChartSpot-Nifty-5M-05-03-09

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