Thursday, October 16, 2008

Trend is down

 S&P CNX NIFTY    3338.40       -180.25(-5.12%)

So far, Nifty and Sensex have been behaving predictably. For the immediate term, I see Nifty to take support closer to 2663. It has broken 2-year support which means its headed down further from current levels. Traders could buy closer to the next support in expectation of an intermediate uptrend. There's not much international support, so I dont see any immediate triggers for the market. 

No comments: