#161 Nifty Update: Sign of Relief for the traders

A “Bullish Harami” pattern in term of candlestick is the turn around or can say reversal sign from a bearish trend. NSEL has been the talk of town since last week. Question still remains can it pay it dues?? Most of the traders or market people believe they will. PMI data of india has been weak but we can gauge our economy only on one data. Inflation has been zig zag while rupee depreciation is hurting the most to investor sentiments. But i feel that this could be the low of near term. Looking at chart, a short covering on nifty is due a high tym. Since my last few posts i have been mentioning to go long on each dip with sl of 5632 and this is the best price or can say least value for the stocks to buy. Technically we may face resistance near to 5760 levels were 100 and 200 EMA are situated but we are confident that if we see a turnaround thn this time a new high of 6400 is inevitable.

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