Thursday, November 14, 2013

#190 Nifty Update: Nifty Salutes Sachin

Just one word which was lingering around the lips of everyone, atleast in India was 'Sachin. Sachin, Sachin!!! Today was the day where everyone saluted Little Master Sachin Tendulkar for his last appearance in International cricket so did Nifty saluted him with a grand opening after 7 consecutive negative sessions. Nifty played a unbeaten 100* in first hour if its play but than ultimately lost some ground as i guess traders where buzzy watching sachin at Wankhde  rather Nifty at CNBC ;) hahahaha!! Anyways, today a important WPI was announced but it was as expected by polls at 7% which didnt made sentiments negative. The backbone of todays rally on Nifty was Banknifty which cheered speech of RBi governor last eve promising some steps to cool off rupee without increasing rate in near term. On other side result of TataSteel were announced yesterday after hours which were turning numbers for the companies. Coming to technical, in our last post we mentioned 6080 level to be support level and it was breached so swiftly on monday. We mentioned to WAIT and WATCH for confirmation and today we have got some signs that could give a clear picture of near future. As you all can see the squared zone it is a 'morning Star ' pattern of Candlestick but though not a perfect one. It does have some significance. Now on monday if we some good opening session than we could see a short recovering rally. But we have a strong resistance levels at 6098/6160. Nifty is taking strong support at 50 EMA around 6000 level. 

Our strategy: Square off all Shorts at 6098 and go Long ONLY above 6160.More downside on cards only if it closes below 6018 on Monday

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