GRACE OF GOD, YET AGAIN. EXACTLY AS INFERRED FROM THE CHARTS, 5500/5516 ACTED AS RESISTANCE, BUT IT MANAGED TO CROSS, WHICH WAS LIKELY SCENARIO IN OUR NEWSLETTER.
IT GAVE FANTASTIC CHANCE TO BUY NEAR 5477,STOP 5455.
TARGETS WERE 5533/5542 WHERE PROFIT WAS BOOKED.
TODAY.. BE ON GUARD NOW. SUDDEN BOUT OF SELLING MAY EMERGE AS MOST MARKET PARTICIPANTS HAVE TURNED BULLISH AGAIN. AVOID CARRYING UN HEDGED TRADES. FROM NOW ON ONE BAD DAY MAY SPOIL THE PARTY.
OK ABOVE 5579 AS LONG AS 5560 DOES NOT BREAK.
ON ITS WAY UP ,TARGETS 5596/5630 MAY NOT BE EASY TO CROSS.
IF MANAGES TO CLOSE ABOVE 5567 THEN NEXT TARGET CUM RESISTANCE AT 5693ON CLOSING BASIS.
SUPPORTS 5531,5520,5494.
CLOSE BELOW 5500 MAY NOT AUGUR WELL FOR BULLS.
FEBRUARY 17, 2011
Nifty future is moving upwards towards target 5567 indicated by us.
as said earlier close above 5567 is required for further strength. thus 5567 is target cum resistance. nf may or may not reach target. let us watch.
Yesterday also as you must have seen market action was as scripted by us.
it remained above 5457 and after crossing 5506 it breached 5492, which dragged it down to 5459.
clients went short near 5500 and booked profit near 5468.
oday, 5500/5516zone may act as mild resistance.
Once 5516 is crossed with strength, which is likely, then surge up to 5533/5542 may be next target cum resistance.
Close above 5567 may augur well for further up move.
good supports are placed at placed at 5470 and 5457.
even if 5457 breaks , subsequent rise above 5495 may trigger rally.
should market keep drifting lower below 5457 and unable to regain even 5488 in that case lower levels like 5439,5429,5421 may also be seen.
In case of such unlikely scenario when market breaks even 5421,you can buy above 5430 if it gives hourly close above 5430.
FEBRUARY 16, 2011
Clearly advised in yesterday's newsletter market likely to revisit 5420 or 5383. it happened.
strategies were to buy on witnessing support near 5420 .
Very clearly informed that if nifty future breaks 5418 then on subsequent rise buy will trigger.
however if keeps drifting below 5418 and unable to cross 5422 then buy near 5395, stop in both cases below 5380.
Actually both the scenarios were witnessed.
targets were 5490 and only above 5495 tsl was 5488.
so profit booked by tsl at 5488.
today:
Now that nf closed above 5467 next possible target is a resistance also, which is to close above 5567.
nifty future ok above 5457.targets may be 5494.
Only if 5494 is crossed then next level 5506 needs to be crossed and sustained for further strength.
as long as sustains above 5506 without breaking 5492 it can move up to next major resistance 5535.
if able to cross 5535 with strength ,next target may be 5557,5572.
Close above 5567 will pave the way for further upside.
here it may be noted that once nifty future enters 5543/5572 zone and finally closes below 5500, that will signal the possible termination of ongoing relief rally. If unable to cross 5504 and breaks
FEBRUARY 15, 2011
clients or readers who entered nifty future on 11th february ,2011 have enjoyed rally from 5180 to 5450. advised exit yesterday @5440..
Market likely to revisit 5420,5383 when fresh buy may be advised subject to the scenario then.
next target cum resistance will be close above 5567 but first it has to deal with 5467 on closing basis.
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