#164 Nifty Update: 5606 on Nifty achieved!!!

Nifty has shown some consistent upside move after new RBI governor took off 3 days back. In my post of 4th Sept i did mention to go long on nifty with two near term tgts of 5606 and 5769. Today we have got a closing tgt of 5606. Now gates have opened for 5769 for the short term traders. Nifty is trading comfortably above short term moving averages but a important resistance is on the way at 5724 i.e, 100 and 200 EMA. Indicators are yet so temptingly giving a strong vibe of a strong upward move. Now a long weekend + Monday holiday, so we should expect some volatile move on Tuesday. September 18th is crucial day as RBI as well as FED gonna review monetary policy.

Strategy: I would recommend to HOLD long on Nifty which i recommend at 5449 on 4th September. Keep a Trailing SL at cost price of 5449. Book partial profits at 5724 and wait for a closing above the same level.

Disclaimer: I may have personal position in index and above mentioned stocks. Views and News mentioned above may have Errors and omissions. My views are biased more towards technical analysis. Please read and study the market carefully before investing on my idea. For any suggestion contact me on my email. Some words mentioned in article don’t mean their actual meaning. They are correlated for market. 

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