Nifty Future: Sell
Entry price: 5295 - 5320
Stoploss: 5343
Targets: 5075 / 4948
In the beginning of the C.Y. 2012, we have seen a sharp rally in Nifty. After making a low of 4676, Nifty zoomed to 5270 in a month's time.
In % terms, it can be said that the Index has moved by 15%.
However, on the daily chart it can be clearly seen that a resistance has been placed at 5320 in Nifty spot.
The Gap-down opening of 5th August, 2011 will act as a resistance for the market.
The momentum indicators also suggest an over-bought zone.
However, if the Nifty spot crosses the resistance zone, it would not be prudent to remain short.
Also, it is important to note that after 4 attempts, Nifty spot could cross its 200 DMA.
In, short, the recommendations has to be followed with a strict stoploss mentioned.
Entry price: 5295 - 5320
Stoploss: 5343
Targets: 5075 / 4948
In the beginning of the C.Y. 2012, we have seen a sharp rally in Nifty. After making a low of 4676, Nifty zoomed to 5270 in a month's time.
However, on the daily chart it can be clearly seen that a resistance has been placed at 5320 in Nifty spot.
The Gap-down opening of 5th August, 2011 will act as a resistance for the market.
The momentum indicators also suggest an over-bought zone.
However, if the Nifty spot crosses the resistance zone, it would not be prudent to remain short.
Also, it is important to note that after 4 attempts, Nifty spot could cross its 200 DMA.
In, short, the recommendations has to be followed with a strict stoploss mentioned.
Sheetalpuri Goswami
+919879028295
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