after crossing 5500, each day the nifty is rising without any halt and buying seen in select large and mid cap stocks, and yet no all round buying in the mkt. right now it has approached very crucial lvls from where either it can turn down on profit booking or breakout on longer term charts.
pls refer to my posts 10th feb earlier and later ones. i had clearly stated that any (fresh) bullishness in nifty will come above 5900, bottom will be near 5200 and on bounce exit for investors and trading long for short to medium term positional players upto 5550 and 5800 lvls for a better price. how many of the readers believed in what i had said?
nifty has followed the same path as was forecasted and reached to 5800 today.
referring to the above chart it is seen 5800 and 5900(current week falling tline resistance near 5950 looks difficult to cross) are strong resistances to this pullback rally and above 5900-5950 range only if it stays consistently and for a longer time period, then a change of view of sell on rally to buy on dips may take place, but as of now i still tend to stick and maintain my views on the mkt.
at any point if it looks like the longer term trend is changing to bullish or an attractive mkt to buy is emerging then i would update it here.
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