NIFTY Spot : 6221.15
Hi,
Readers,
Nifty did exactly the
same as was mentioned in my last blogs.
It was clearly mentioned
to be cautious. It was also warned number of times in my recent blogs that crossing
6420 is not easy for Nifty.
There are many
technical indicators which indicate that crossing 6420 is very difficult.
On Dec.31, 2013 when
Nifty closed above 6300 it was mentioned that Nifty can try to touch 6370. And look, Nifty went up today and managed to
touch only 6360 and fell down from there.
I hope readers would have
enjoyed the caution given by me in my earlier blogs.
Where it was mentioned numerous
times that this is not the time to be extra bullish.
Thanks for the
overwhelming response send by readers to me. I write the blog only on the basis
of whatever I see on charts.
Now What :-
There was intraday
sell today when professional traders should have taken sell position and should
have booked part profits in that also.
See, Nifty has closed
above 6200-6220 support level mentioned by me many times in my earlier blogs. Nifty
closed exactly at 6221 giving respect to support levels.
Nifty will trade with
further –ve bias below 6200 and breakdown of Nifty will come when it shall
trade comprehensively below 6150. Same as was mentioned by me in my previous
blogs.
Those who know and
understand the technicals should also watch that Nifty has started becoming
oversold and if it breaks support levels run through from here without pausing.
Than it will make Nifty more or deeply oversold. And we all know that deeply
oversold Nifty usually pause or give rebound. Thus be care full for position sizing while
planning the trades and do keep booking profits. Because rebounds sometimes can
turn into short covering.
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