6-7-2009 trading on budget day was at - 5%. Nifty closed at 4163 -261. FII data most negative. Nifty future o i + 6 lakhs means addition of shorts. Option writing is negative. Global cues are not + ve. Forget what the budget is but the markets reacted most violently and tanked down.
The Head and shoulder formation on the daily charts is true now and the neck line is broken and markets closed at the line. The expected trend reversal to be happened over a week happened in one go. O K. Now, the calculation is all to down side. The target for nifty to down side is 3500 may be in 3 weeks or in two months. Whether you trade today or wait for a little bounce the trading should be to down side until markets tests the bottom or we see a major buildup in the F & O segment. Any stop loss to the shorts/puts is nifty 4250.
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