Nifty

#133 Nifty Update: "NFS": NIFTY For Speed

NFS means “Need for Speed” for gamers but for traders in India today it means “Nifty for Speed”. Yesterday i posted and mentioned about the breakout of NIFTY on the downside channel. But today nifty didnt confirm the breakout and was back on track. As it happens it Need for Speed game whn ur car is off track and there are 50-50 chances of coming back on track so was the case here but NIFTY was back on track to speed up with other global markets equally. NIFTY came back to upward channel back today successfully. All the indicators are still in overbought position so i wont initiate a long call yet and Short position stop loss has been triggered. 5448-5450 is the strong resistance. NIFTY has resisted near tht level many times before and its the strong retrechment level of 61.8% of the last downfall. So my View is to stay HOLD and wait for 5450 to breach.

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