Published on Fri, Nov 24, 2006 at 09:55 | Source : Moneycontrol.com
Updated at Fri, Nov 24, 2006 at 16:00
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
No sell signal on charts: Anil Manghnani
Technical analyst Anil Manghnani believes that even though the markets look a bit stretched out and overdone, there is no 'sell' signal prevalent in the market.
Technical analyst Anil Manghnani believes even though the markets look a bit stretched out and overdone, there is no 'sell' signal prevalent in the market.
According to him, there were such signs on Monday, but the markets pulled back remarkably and continued its phenomenal run for the next couple of days.
He adds, "So even trying to tell traders that you continue to trade long but with stoplosses, it seems to trigger the stoploss intraday and then pull back. So I guess if you are really playing strictly technicals, then you have to wait for the close before deciding whether your stoploss is triggered, which is tough to tell a trader at these levels."
Manghnani expects a major resistance in the 13800-14000 zone. So one should be a little cautious on the markets. However, he re-iterates that nothing on the charts suggest any 'sell' signal, as of now.
As a trading call, Manghnani advises, "I guess if you are looking more as a positional trader, Monday's lows around 13,200 would be a major trend deciding level as such. So for the time being, I would say to hold on. If you are really aggressive trader, I think till the Nifty does not break around 3900 levels, you will probably have to hold on to your longs also."
Manghnani expects a major resistance in the 13800-14000 zone. So one should be a little cautious on the markets. However, he re-iterates that nothing on the charts suggest any 'sell' signal, as of now.
