#120 Nifty Update: PNR Status of Ticket to 4700:" RAC 3 "

Vacation time has started and many of you have booked your tickets ….so has NIFTY!! Your ticket to destination might be in waiting list but NIFTY’s ticket to 4700 is now RAC today which was in waiting list yesterday…That means we have got confirmation today that NIFTY is surely travelling towards 4700 but RAC 3 means we have 3 more hurdles on the way which myt restrict the travelling 1)4980 which has acted as the strong support since last  3 days (closing basis) 2) 4900-4920: Strong support levels on both weekly and monthly level 3) Not a technical reason but a imp one: USDINR chart suggests rupee strengthening ahead. Talking about the last three days, it has been a dramatics on the exchange. First day, we saw a 3 imp level breaking out i.e., triangle brkout, 100 SMA and 200 SMA. Second day we saw a gap down opening and thn last 2 hours saw 135 points recovery after the GAAR postpone to nxt year…but technically it was just a pullback to brkout level which was 200 SMA at 5114 (white line) . Today the final day we saw a heavy selling and all profits gained yesteray were wiped out. All funtdamental supporters and analyst were gvng tgt of 5600 yesterday after the GAAR but technically we got downside confirmation…..But its RAC and yet not confirmed 🙂 …Strategy : Hold your Shorts which i have initiated at 5170….

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