NIFTY Spot : 6526.65
Hi,
Readers,
Last week it was
mentioned that current move of Nifty was standing at such level that either downtrend
will resume or Nifty will break the downtrend and move higher. Thus it was mentioned to wait for Nifty to take
its course & till then step aside.
Nifty after breaking
6360 and then 6415 has now ultimately broke the trend and closed at 6526.65.
After breaking 6415 Nifty moved up sharply showing short covering of reversal
of trend.
Nifty is at all time
high and all time high’s should be respected.
However further it is
advised that this upward movement of Nifty should not be taken for granted and
correction in Nifty in coming days will determine the strength of this up move.
Now What :-
Nifty is at all time
high. Nifty moved more than 300 points in 4 days.
There is no fun in
jumping at this point to buy Nifty when it has just reversed the trend and is
deeply overbought.
A small caution I
would like to raise here is that one should look at option data of Nifty.
Looking at that it appears that bulls are becoming complacent. Because there is
massive put writing. The march series has still time to expire & Nifty is
in deep overbought zone. Thus wait for correction in Nifty.
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