WEDNESDAY 23/07/2008

2:40 P.M.
No heart burns please! Keep booking profits in long positions as there
are opportunities in the markets always. Don't wait for more porfits.
Initiating longs today??? Its a big question. I would rather watchout for inflation figures tomorrow evening and initiate shorts next week.


9:40 A.M.
Markets would be in celebration mood, of course! The inflation figure tomorrow, if stable, would keep the mood buoyant until expiry. However we are faced with strong resistance at 14677 (Nifty 4470), as given in the charts below. Even if it is crossed, there are possibilities of a reversal from above or below this area. So, it would be appropriate to book profits in this area –especially in Futures & Options. Cash positions can take a risk of holding it with Stop Losses at 4300 levels.

Happy Trading!!