The markets have opened down as compared to yesterday’s close.
The little weakness was there in the charts and we made a mention of it at the close yesterday.
For today, we want to see 5270 being protected by the buyers, for the upmove to have any chance.
On the upside, resistance is again at 5317.
As traders most of us have been brought up on a mechanical trading system which can give us automated signals to trade on.
The so called search for the “holy grail” of trading is the search for one such system which can help a trader by taking away his decision making ability!
The truth is that the best system of trading and the holy grail is within you !
Only you have to empower yourself to make the decisions for your trade, rather than your mechanical system.
The reason I like MP is that it is not a readymade system which gives signals. As a trader you have to stand up and identify the signal.There are many other systems where the trader takes precedence over the system simply because he makes the decision.
I mentioned to you yesterday that you identify your trade in the chart through price and volume and use everything else for a confirmation.Trust me you will emerge a better trader.
This market is looking for cues to the upside from the US markets. Till the US futures trade above 1043 levels, the reversal over there is not confirmed.It can also show levels of 990 in the short term. Currently at 1020.Keep an eye on it.