Bears Be careful

One of the great rules of trading based on trend following.
Don't sell short or go long into a major moving average.
i.e do not mess with the trend.
5k area is the domain of the bulls. thats the 200 dma area.
We're going to be buying :)
I know I am
5000 calls
and maybe some investments in midcaps near a p.e of 5
I like Patni. Some news of a buyback as well, the book value is around 211 which is also around the recent low that the stock made in jan/feb.

What amazes me about this market is that on the one hand people worry about a recession and on the other hand you got metals trading at a p.e of 10 while gr8 companies with solid cash flows are trading at a p.e of 5 or lower and some stocks are even lower than book value.

Wouldn't mind picking up something in the metal space if I see a p.e of 5.

Possible w4 on monthly

W4 on monthly
6 months of consolidation
expected damage was 20% from the highs min, max 35%

that is 5100-4200 roughly.
anyway 5000-5100 200 dma area invest.
Lots of stock available at garbage rates
like p.e of 3-5
at or below book value especially in the midcap space.

after this six month consolidation, the target of 15,000 nifty and sensex 50,000 will open up. Will post the chart when the target is visible.
Only traders who have the stomach for volatility should even bother trading this market.

Previous post was 5k support 6k res.
6k held gave 5.4k then 6.4k was hit
next 5k broke and 4.5k ish came.
Basically we're in this 5k-6k band for the next 5-6 months.