#166 Nifty Update: "Booster on Nifty"

As gamers would be aware of a Booster button in NFS, same is the case on Nifty currently. After a whooping volatile session in the month of August when nifty managed to closed at 5285, it has since gave a non-stop trading close at 5913 today. RBI says reserve money has increased YoY against the same period last year. Technically we are in a strong bull mood over 100 EMA and 200EMA. Indicators still have strength to drive nifty to some upside. Looking at chart from the point of view of Elliot Wave theory and some other patterns coordinately, i expect Nifty to resist near to 6003 (closing basis). But a range of resistance is 5971-6034 for next week and than market could retrace upto 5725

Strategy: Book Partial Profit on Long Nifty initiated by us on 4th Sept at 5971 and Full profits around 6003. Keep a Trailing SL at 5871(Closing basis)

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