NIFTY SPOT : 7663.9
Hi,
Readers,
Nifty rebounded as expected. It was mentioned in my blog dated
July 13, 2014 that the fall in Nifty is furious and rebound is expected.
Now What :-
Though this rebound in Nifty was not expected to cross 7680 to
7718 level and thus rebound should be
used as selling opportunity. But the present formation of various charts indicates that Nifty
has strength in this rebound. As in this rebound Nifty consolidated in last two
trading days i.e. Thursday and Friday.
Nifty chart is indicating that this strength can take Nifty further.
Thus one should keep on playing this rebound. Because this strength may even
allow Nifty to surpass 7808 (i.e previous high).
When one see strength in rebound, than the best thing is to wait
for the level from where that rebound will start failing. That level is at 7580
Nifty spot. Till then keep playing with bullish bias.
Trading strategy for Nifty is to watch for 7580 level. Till the time
Nifty is above 7580, Nifty will trade with bullish bias. And below 7580 look
for selling opportunities with tight stop loss of 40 – 50 points.
Nifty has again come in a range. Level of 7580 is trend decider.
Above 7580 trade with bullish bias. Below 7580 look for shorting opportunities.
Top formation levels mentioned in my blog dated July 05, 2014 is
standing as it is.
Trade Accordingly.
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