so after giving a scary downmove on unexpected and unfortunate japanese calamity, nifty showed resilience and keenness to stay afloat and maybe head a bit higher. but as pointed out many times, it is an exit on rally kind of market for intermediate and long term investors to get a better price on the rise.
i had mentioned downmove till 11th march but the quake/tsunami effect had made mkt low 2 days after that. i had also mentioned it may stay buoyant till 2nd week of april but its more like a sideways movement and needs to go over the resistance of 5562-5600 zone.
but again nifty has started rising in the last couple of sessions. but a more positive bias may develop if today the nifty can manage to close above 5490-5500, then for the next one or two weeks perspective longs may be held or initiated with 5400 as support and a deep positional stop loss of about 5340.
a 150-200 point move is possible above 5500 if the resistances are crossed.
i had mentioned downmove till 11th march but the quake/tsunami effect had made mkt low 2 days after that. i had also mentioned it may stay buoyant till 2nd week of april but its more like a sideways movement and needs to go over the resistance of 5562-5600 zone.
but again nifty has started rising in the last couple of sessions. but a more positive bias may develop if today the nifty can manage to close above 5490-5500, then for the next one or two weeks perspective longs may be held or initiated with 5400 as support and a deep positional stop loss of about 5340.
a 150-200 point move is possible above 5500 if the resistances are crossed.
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