Last 3 days NIFTY had closed above 200 SMA , which is bullish sign. Today up till now it made high of 5389.35 (almost reached 5400). Now if by the end of this week ( i.e. on 10/2 ) it gives weekly close above 5400, then it will first target 5700-5800 and then even 5900-6000. If it gives weekly close above 5400 then high probability that it will target 5900-6000 in next 9 weeks.
CAUTION:- From 2/1/12 nifty is moving in only one direction i.e. up, so be careful as of now stop loss for any long (buy) position is daily close below 5075.
From here onwards it may start its down ward journey also since 5400 is next resistance level. But until it gives daily close below 5075 any fall is correction in ongoing up trend. If it gives daily close below 5075 then intermediate trend will be down.
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2 comments:
Guruji,
Our targets are achieved uptill now. Now we should wait for some correction if we want to be long. Now fresh entry will be very risky.
Dr.Suhas
who is taking fresh entry? just mentioned inference of technical analysis, this is view for next 2-3 months. And as usual i am thinking regarding opposite possibility also.
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