Oh Ghosh!! Traders would have piled off 50 points from the gain as we recommended to go short and stop loss triggered. Sorry for that but market is are strong uptrend momentum now. That blow off over 6550 was just untouchable for new trades. We are expecting same momentum to continue for 100 more points upto the range of 6770-6820. Looking at monthly chart and weekly chart this Nifty has no hiccups to downside any more. May be small jerk could come down in first 2 weeks of April which could be taken as buying opportunity rather than considering it a shorting opportunity. Bank Policy on 1st April is the next key even for domestic but i guess traders are not considering a important one this time around. Status Quo is what we expect in the policy as it election environment and RBI governor wont take any risk that could show any biasness to either political party. Markets are purely trending on political mood rather than any economic factor or fundamental factor. Indicators on daily charts are supporting move upto 6780 in near term where as on weekly and monthly chart we can expect a minimum move of 7300/7800/8031 in this calendar year. Before cruzing above 6800+ , we may expect a correctiong upto 6490 and 6260 which could be taken as long term investment opportunity rather than a shorting opportunity. We are bias on Upside on each dip.
Our Nifty Levels: R-6780-6830
S-6570,6450,6260
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