Nifty was breaking all the possible targets and the uptrend continued today also
As a trader you should be cautious enough...because when everyone is happy in the market it means something is wrong 5100 put (Oct)position still holds in my trading strategy...as i mentioned in my intraday report NIFTY's short term movement reverted from 5615 ...(NIFTY futures high 5612)..as it came down from that particular point i expect a reversal of the current trend at least for a short term...but the upper channel still remains at 5650 levels for the medium term and the support area lies at 5360 ...and NIFTY's base could be shifted to 5480 levels.
I expect some selling pressure in JSW steel(futures)if it comes below 1219 (intra day)and if it breaks 1233 on the upside you can go for an intraday buy....strong short covering and buying in Reliance were the major factors which helped NIFTY to move up...todays upmove was just to sell off the existing postions in NIFTY futures as the day had lower volumes compared to other days (Nifty futures)
Disclaimer: The views and investment tips expressed in this blog is my own, and not that of any website or its management.I advise users to check with certified experts before taking any investment decisions.
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