NIFTY Spot : 6516.65
Hi,
Readers,
I was out of town due to
some sudden & urgent work and came back today only.
Thus could not update the
blog in between.
Last week it was
mentioned that Nifty will be inclined to correct and that correction will
decide the fate of Nifty. Nifty corrected 100 points and made a low of 6432.
Now What :-
Nifty’s currently is
not giving reasonable correction.
And is stuck in a
range between 6430 to 6560.
Nifty has also started
making small broadening pattern on daily charts. Which indicates that no large move on upside will
come in Nifty without good correction.
These factors together
with some other technical reasons indicate that next correction whenever it
will come can be a good one.
Now the question shall
be why not to short Nifty here?
Answer to that is Nifty’s
overall trend and movement is still up till now. These are only advance
indications which we are getting through our analysis.
Than what to do?
Do not be over
enthusiastic in buying Nifty. Be cautious.
Lot of opportunities will
come in days ahead.
Stay out of Nifty and be stock specific.
Nifty will be volatile
in coming days and will be vulnerable to sharp corrections. Be cautious.
However if Nifty
manages to close above 6570 than 6530 shall become pivot point. Meaning thereby that till Nifty is above 6530 do not short Nifty.
And correction shall come in Nifty only if it goes and stays below 6530.
Professional traders
shall get small trading opportunities in both sides. Take those small moves and
book small profits intraday.
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