Dated :- 13.09. 2015

                                                                          NIFTY SPOT : 7789.30

Hi,

Readers,

After giving rebound as predicted now Nifty is moving in a small range.

Charts are indicating that till 7660 is protected, Nifty rebound may have more legs and if manages to close above 7850 then even 8000 is possible.

Thus, till at least this 7660 is protected there is no justification of any Short position. Also we have FOMC meeting outcome in this coming week which is a major market moving event. One should also take it into consideration.

Thus it seems to be more prudent to be on the sidelines and watch the event. Because this time FOMC meet has more significance.

As far as charts are concerned they are indicating that ,till 7660 is protected one should look for Nifty to be in a mode of giving more strength to the rebound.

If the major market moving event of FOMC was not their I would have comfortably said that rebound is on and has more legs.

Trade less and have patience.

Also just to inform readers I will be out of town on Sept 14 and 15 thus even in case of any update on Nifty which may be important, I will not be able to update the blog till Tuesday (Sept 15, 2015).