Nifty

#149 Nifty Update: Get in early. You might miss the bus.

As i have been tweeting at @Chartechnician that we must not short positional unless close is below 5825 and hope you all got that. Yes, I did mention to add long at 5875 in my last post for Nifty few days back. Adding longs at 5875 would been fruitful for those who followed that. 5954-5975 were the next levels which i mentioned to add longs who has missed opportunity at the low but now i would like to revise that buying opportunity at CMP or around 5900. As i studied the chart with more preciseness,5900 has came out to be crucial level and we saw that today markets closed above that level giving some early confirmation for the bull momentum in the near future. Now two revised buy levels are 5900 and 5975 on charts. We also saw ‘bullish engulfing” pattern today on Nifty chart which indicates a buy call.  Yes today HDFC Bank scam had got some fear in the traders but i guess now its all subdued. We saw a recovery of almost 2% from the low today. Recovery was just the support we wanted for the bull run. Inflation and data was announced today and consolidated was higher than expectations but Non-Mfg inflation has decreased and its gud for our economy. Now we may expect rate cut on 19th March from RBI which may add fuel to our Bull fire. So our strategy now is to buy on every dip with stop loss of 5820..

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