Saturday, October 5, 2013

#176 Nifty Update: A small breaker ahead

On our post #175 we mentioned for safe traders to go long on Nifty above 5889 and i guess everyone got a chance to go long. Fundamentally there is only one event and that is quarterly results this monthly. Technically Nifty is trading comfortably above short term and Long term moving averages. Indicators on daily chart have turned positive but we are facing a strong resistance at the trendline which has taken strong resistance 2 times. But we are biased towards bulls as it had breached once above that in near term. So traders may go long intraday above 5915 on monday while for safe traders our strategy is status quo. 

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