PANIC ONLY BELOW 16600 ON CLOSING BASIS!

THE SHORT TERM Bullish environment has bitten the dust.16800/16600 are the supports where the markets should halt....If they don't ALL IZ NT WELL!

My short term positive bias was based on the expected results, but the results are not upto the mark. Hence it was quashed. And the stop loss of 5150 on Nifty was hit for all short term longs. The intermediate uptrend remains intact till we remain above 16600!

Traders would do well to execute longs only around important supports or on crossover of important resistances. Watchout for 16800 on the Sensex and go long with a stop loss of 16600 if you are in the mood to try catching the bottom.

Reliance Industries declares its results today. It can be the final nail in the coffin.Everyone is expecting Reliance Industries to save the markets. I have observed that markets generally tend to hit you the hardest when you want some external event to turnaround the markets. The word generally in quotes! 

I sincerely hope that I am wrong about Reliance disappointing in Quarter III :) 

Hence they say, if you want to make money in this market...Listen to your heart and do the exact opposite!

Have a great trading day,

Regards,

Rahul T.