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Tuesday, February 12, 2013

#145 Nifty Update: Positive always overcomes the weakness!!

In my last post i mentioned to be cautious until nifty breaks the range of 5884-5921 and nifty did break 5884 bt didnt close below tht and on other side today nifty has closed above 5921 today with a "bullish engulfing" giving some strength to our bulls in the market. As i had suggested on nifty on 8th Feb tht it would be dangerous if the market break the green thread trendline, but with traders grace we havent seen tht scenario yet. GDP number and IIP data has been weaker but i guess people had expected tht and discounted it through 6100-5880. Now for risk takers i would suggest to long tomorrow if nifty opens positive. Go long only above the level of 5931 on cash nifty. And for the safe traders 5964 is the level to enter. So now the tgts on Nifty are 5964/5990/6015/6052/6100 .But guys keep a strict Stop loss of 5884 on closing basis. New level to initiate short is only below 5862.

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