Dated :- 30.03.2014 (SUNDAY)

                                                                 NIFTY  Spot :   6695.9

Hi,

Readers,

Nifty is standing at new life time high of 6695.9.

It was mentioned in my previous blog for high risk traders to trail the rally further with the stop loss of 6515.

Now What :-

Now it is the time to book complete profits here & step aside.

One should not be carried away with the rally.

There are some technical indicators which are showing that 6718 to 6800 may prove to be a big wall for Nifty to climb.

See, this rally is a momentum driven rally, in these type of rallies one can - not pin point & say where it will end.

But it seems that for the time being Nifty is heading for pause.

In any case as per my analysis Nifty did not spent appropriate time around  6400 which it should have spent there, to take off for a good rally.

This means that even if Nifty is standing at 6700 today, It has to come back to at least 6400 around levels or lower again.

Considering the bullish tone in general & contrary to that tone, I am talking of 6400 or may be lower today. Although I may be among a very few or may be lonely in today’s environment to say this. But, I always believe & write only on technical analysis & indications on the charts.

In general there is an ultra bullish opinion and there are talks of even 8000 level for Nifty. But for me it is the time to be cautious.

It is separate issue that whether Nifty crosses 6800-6850 or not before coming back to 6400 or lower levels.

Although it is less likely that 6800-6850 will be breached without coming back to 6400.

Trade accordingly.

NOTE :-

This blog is repeated again just to correct the date. As it was mistyped as March 28, 2014 instead of March 30, 2014 in the previous blog. Today on the day of updation of blog it is March 30, 2014.

Inconvenience  is regretted.