The long term trend is still up but it seems that nifty is in normal downward correction mode because it has broken very short term trend line,going down it will find support at 6645.32 / 6604.72/ 6564.12/ 6507 .You never know that how the correction will culminate therefore if nifty breaks 6500/ then it may go in for further deep downward correction and that may threaten the intermediate trend ,but as of now it is buy on dip market .Since market is in momentum it may complete down correction fast and move up again, going up it will face resistance at 6705/ 6731 and 6776.75.
Remarks:-Go long in nifty only above 6731 with a stoploss of 6700 or try near 6604 with S/L of 6595 and near 6564 with S/L of 6550 .One can try going short in the nifty at present only below 6694.35 with a S/L of 6705 for a target of 6620 .
Remarks:-Go long in nifty only above 6731 with a stoploss of 6700 or try near 6604 with S/L of 6595 and near 6564 with S/L of 6550 .One can try going short in the nifty at present only below 6694.35 with a S/L of 6705 for a target of 6620 .
AVOID LONG POSITION FOR NOW THE FIGURES GIVEN ARE OF SPOT NIFTY AND NOT OF FUTURE
Contact me for strategic guidance to enter and exit the trade
Contact me for strategic guidance to enter and exit the trade
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Thank you for sharing your views.