Today is friday and am sure all bollywood lovers will be waiting for the movie "Agent Vinod" starring hottest couple but market investors watched "Agent Jaiswal" starring other hottest couple, our coal minister and NIFTY. Since two days we are hearing some rumors rather to say media has got hold of some CAG report stating that government has lost some 10.76 lakh crore (approx figure) in allocating coal mines to pvt companies in last 8 yrs. But the "agent" (coal minister) denies the fact that its not the case. This has opened a gate for one more scam in india which might be bigger than 2G scam but nothing yet confirmed. NIFTY is ofcourse supporting the negative news. My last three posts have been suggesting downside and yesterday we got support from the scam rumor. Even the Europe and China's PMI numbers have came at the lows in last 4 years. This has hurt the global sentiment and we may see some downside or correction for a time being. Technically speaking NIFTY yesterday supported our view for downside. As you can see in the graph , 2cd Sign of bearish engulfing was witnessed while NIFTY is not able to close above short term moving averages (multi Color) since last few weeks. All the indicators, mainly MACD has crossed central line to support downside. Even if we take the last rally from 4600-5570 , we are getting 5100 as a strong support. 5100 has also came out to be a important support on downside channel. So for NIFTY my negative view continous. Strategy would be adding more shorts below 5100 (My first call on short was at 5570 and we added more shorts at 5380)and stop loss in profit which i mentioned at 5470 in last post has been revised to 5400 on closing basis. Enjoy the movie and keep trading :)
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