FOLLOW UP

On Sunday 10 June, in this post  FOLLOW UP --- LONG TERM VIEW , it has been advised to book profit at nifty level of 5200. Last week after consolidation for 4 days finally on Friday nifty closed at 5139.05

Now there is strong resistance for nifty in 5170-5200 range. So those who don't  want   to take risk and willing to lock profit in this 5170-5200 zone. ( probably today only during opening hour ).

At the same time if nifty breaks this 5170-5200 zone it may easily go up to 5300-5400. So those who are willing to loose some part from profit for chances of making more profit can ride the ongoing up trend with stop loss of previous 2 days low.

Today there will be RBI policy announcement so market will be volatile, if there is positive surprise it may go much higher. At the same time if there is disappointment chances of testing recent low around 4770-4800 band are also high. So as of now those who are willing to take risk keep strict stop loss of previous 2 days low on daily closing basis and ride this wave.

Those who are not willing to take risk book profit. New entry level will be mentioned later on if there is correction and if there is no correction one can enter once again if there is weekly close above 5378.75 since long term trend will turn up.

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