NIFTY SPOT : 7493.2
Hi,
Readers,
See the power of
technical analysis again. And also the power of analysis.
It was clearly mentioned in my previous blogs
that 7490 is very very important level.
See, the Nifty
gave a close at 7493.35 on June 23, 2014 and bounced from there to 7593.
And now today
again Nifty came down from there and close at 7493.2.
Clearly given
respect to analysis and to 7490 level.
I had been
maintaining the view that a comprehensive close of Nifty below 7490, will open
doors for correction.
This time the chart
structure is such that probability of breakdown of Nifty below 7490 is high.
If we talk about technical indicators then RSI
and Stochastic and some other indicators are showing that breakdown is on the
cards.
But remember that
this is market and the beauty of it is that, it has the power and habit of
throwing surprises.
Trade
accordingly.
Readers of
this blog would be happy that they got the proper and timely alert on June 09,
2014 when the Nifty was at 7650 i.e. highest. To book complete profits from all
of thei long positions. Wherein it was clearly mentioned to book profits from
all the long positions in Nifty.
Since then
readers would have seen the results, that, Nifty is proving itself that the
alert and analysis was accurate and has proved right.
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