Dated :- 13.06.2013  (Thursday)           NIFTY  :   5699.1

Hi,

Readers,

Nifty has done exactly what was mentioned in my earlier blogs. In my last blog it was advised to keep short positions intact and trade the up down swings. Also, it was clearly mentioned in my earlier blog dated June 05, 2013 that on the breakdown below 5850 doors for 5600-5700 will open and today Nifty made a low of 5683. After multiple breakdowns in Nifty below 5920 and 5850 as clearly explained in earlier blogs slide in Nifty was relentless.

Coming down to 5600-5700 levels was imminent for Nifty.

 Ideally Nifty should have taken some more time to reach these levels, but thanks to massive fall in rupee and bad IIP data, bears as expected, were in full swing.

Technical support was indicated at 5600-5650 levels in my earlier blogs. Nifty made a low of 5683 today. Now, Nifty has reached near to the support levels of 5650 around. It is advisable to book profit of more than 350 points (Nifty short level 6050). As a wise trader always protect its profits.

Book the profits and step aside.

Nifty is still in a downtrend and remember do not be a positional buyer. It is not prudent to keep short position open after such a relentless fall and strong support level standing head-on. However, technical rebound from support levels can come any time in shape of relief rallies.

Keep reading the blog for further views on the movement in NIFTY as it moves. Till then Enjoy the profits.