Friday, August 8, 2008

Second Consecutive Doji After 800 points rally: Not Bullish

Another day which managed to end in the green but only marginally. Today’s gain was 6 points while yesterday’s gain was 14 points. Two days of big movements and a gain of 20 points overall and two consecutive dojis after a rally of 825 points is not bullish. I just returned from somewhere and it is already past midnight. Am not in a position to do too much of typing right now so I have just left my comments on the Nifty daily chart attached below.

Nifty Daily Chart - Second Consecutive Doji

The European markets also ended up as dojis today. They went down a percent, then recovered all its losses and even went up a percent but then lost everything to close marginally in the red. The American markets are down with the Dow having lost 120 points till now. Crude seems to be finding good support near $118 and has now gained almost $2 from this week’s lows and is trading at $119.90 at the moment.

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