Dated :- 02.07.2013 (Tuesday) NIFTY : 5857.55

Dated :- 02.07.2013  (Tuesday)             NIFTY  :   5857.55

Hi,

Readers,

The Nifty has behaved exactly as was mentioned in my previous blog on June 27, 2013 when the Nifty was at 5682. It was clearly mentioned that Nifty has given an upside breakout above 5666 of very short term reversal pattern and this pattern has the potential of giving further steam to this rebound and can take Nifty to higher levels. Nifty moved higher and made a high of 5900.

I hope readers would have enjoyed the profits from the above move.

Nifty have stiff resistance between 5900 to 5950-70 levels. This level will be strong resistance area.

Nifty is making very interesting chart pattern. On one hand Nifty is in an overall downtrend and on the other hand it has made a reversal pattern, and after breakout of reversal pattern above 5666 Nifty has given a strong gap up in Nifty chart between 5700 to 5750. Till the time this gap holds, Nifty chart says that it still wants to battle hard with the downtrend and is showing strength till now and threatens to go in consolidation.

Up and down side tradable moves will be there in Nifty in coming days, traders are advised to book profits from time to time till the time Nifty is between 5750 to 5950.