26-3-2009 trading shows that the march series expired with a very huge rise and a 550 points in nifty from the month's bottom. Bear trap and bulls enjoyed very well. FII buying support is very strong. F & O build up is also positive. Very huge writing of 3000 puts 17.5 lacks in April series. Global cues are also positive for some time from now.
Finally to feel that we are in strong bear rally (violent) and the time for the general elections is the period. Later, this may weed out. US is in the primary wave B and that is to retrace up to 50% of primary wave A. Half an hour time period chart of nifty from January 2008 to till now is in wide downward parallel channel and now the nifty breaks out up ward from this channel yesterday. The width of this channel is nifty 1850 points. Hence, we may expect a rise of 1800 points nifty in the mean time as bear phase rally? Time period may be up to July/ October.
Plan for this is to role over a nifty future with stop loss 100 points down taking the stochastic help for entering the longs once again up to the rise of nifty 1800 points.
Present levels for nifty 3180-3240 as Fibonacci retracement level 150, 161 %
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