Dated :- 22. 06. 2014

                                                                 NIFTY SPOT : 7511.45

Hi,

Readers,

Nifty did exactly the same as was mentioned in my previous blog.

It was mentioned that resistance for Nifty is at 7695-7703 area.

And on downside 7490 level will again be very critical.

Nifty went to 7663 and after taking resistance of 7695-7703 came down from there.

Readers should appreciate that I clearly alerted them in my blog dated June 09, 2014 that all the long positions should be closed. Moreover some might have felt that it was a contra call. See the results of that prediction.

Now What :-

Now Nifty is standing at 7511.45.

If Nifty breaks 7490 comprehensively on closing basis than Nifty may see further correction and the levels for that correction are 7400 and 7330.

However if Nifty somehow does not breaks this 7490 comprehensively then it shall again be locked in a range.

These are times when one should look for only trading & even look for shorting opportunities on comprehensive breakdown of 7490.

We have expiry in this week also. So, expect volatility to be there.