As i had mentioned in my last post on 23rd August, strategy was to short at 5420 with stop loss of 5448. NIFTY confirmed the breakout of upside channel by closing third consecutive day below the support line on Friday. My two tgts 5385 and 5357 has been achieved on NIFTY. Coalgate scam is picking up the heat in the parliament. I dont why parliament are not cmng to a solution soon. There many important bills to discuss such as FDI whch could change India”s future and jst discussing coalgate wont change our future. On the other hand it is expiry weak and we are expecting a volatile sessions but profit booking will lead markets to some downtrends. Over the Europe, Consumer confidence has decreased in manufacturing while US has seen recovery in retail conf
idence, home sales and unemployment claims. But eyes are on 9/12 when german court gives its decision over ESM. If its in favor of ESM than we could see new high in the equity markets over the globe. Mr. Draghi is awaiting the decision until whch he is nt expected to declare any plans for buying bonds. Bernake is also unexpected to deliver QE confirmation at Jackson hole on 31st Aug. Therefore markets are expected to trade on technicals next week unless some unseen news arrives. Talking about indicators it has given the sell signal. They were in overbought as i suggested last in post. 50 SMA is at 5250 whch will act as strong support while 100 SMA is at 5216 which is at the level of filling up the gap. Market for the first tym in august closed below short term moving averages whch is also a sign of weakness, Now strategy is to Hold the short initiated last week with trailing stop loss of 5400. Tgts 5330/5306/5285/5260/5240/5216.