Dated :- 17.11.2013 (SUNDAY)

                                                          NIFTY  Spot :   6056.15

Hi,

Readers,

As was mentioned in my last blog that Nifty has support at 5950 levels and is expected to rebound from there. Nifty did exactly the same, it made a low of 5972 and rebounded 130 points from there. It made a high of 6101 and closed at 6056.15.

I hope readers would have enjoyed the profits.

Now what :-

Till the time Nifty is closing below 6170 on daily charts this rebound should be treated as trading rebound only. Means that this rebound should be used to book profits in long positions.

 Because, till the time Nifty is closing below 6170, charts are showing that Nifty can come down any time.

But if it closes and stays above 6170 than the immediate downtrend would be arrested.

NUT shell :

6170 level is important to keep in mind.

Below 6170 do not be make long in Nifty.

Above 6170 do not be short in Nifty.

For next move on Nifty as and when it occurs Keep reading the Blog.