Nifty has moved so far to make the high of 5269 levels and faced resistance to cross 5280-5290-5310 levels also nifty has closed near it weekly high levels which is clear sign of bullishness also Friday FII and DII are both buyers in the cash segment but the fact that it had no opportunity to react to the RBI’s move on Friday makes is possible that the index declines to 5200 -5165 – 5101 on Monday also a bounce back from these levels shall denote its short term strength and a possibility of the rally to its higher levels in the near term targets above 5310 also traders can hold their long unless mkt stays above 5090 levels where it has strong support and a close below it could drift nifty towards the previous low also markets are in highly overbought zone since 5100 levels which was just stretched to higher levels with the help of money flow by institutional and there was a need of break before going further also nifty was still not able to cross 5310 levels through the whole week so if do not have any position and sit on sidelines and watch for either levels to breach and try to buy near the support as at present the major trend remain up and there was no signal or divergence seen for correction but got the signal trigger from RBI also I do not find more downside below 5100 as most of the investor are on sideline and shall try to enter in this correction so it shall be a good investment opportunity if we get a dip of 200 pts in nifty and 400 -600 pts in sensex with proper stoploss.
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