24TH NOVEMBER NIFTY VIEW.

In today's trading, Nifty Future opened weak and maintained downward bias and precipitated in to a sharp fall due to problems in Korea. While we are still not done with our own 2G Scam, the market in now faced with an international problem. This pulled market down to a new low of 5822 and there after saw a sharp up move of almost 100 points (due to trend line support on the EOD chart) to close the markets at 5941. We still have to contend with a lower top and lower bottom for the day and also a lower low on the weekly chart. From today's movement, it appears that we will soon see the much awaited 5750 level to complete the pattern target .

For tomorrow, one should consider going short below 5900 with stop loss of 5940. On the down side if it breaks 5820 it will quickly go down to 5725-5750 levels. With just a day left for the FNO settlement, it would be better to create fresh long position at this level in the Dec FNO series. However, it should be noted that if the trend line is broken, Nifty Future will get weak and hence any buying at the support levels, should be bought for pullback only. It will be prudent to square of the positions intra day.

On the higher side. 6000 will provide strong resistance and it is best to avoid long positions at higher levels.

For investment buying - let the market give the signals to indicate that we are done with the downside.

All the best