#168 Nifty Update: crucial Support

Nifty has been taking strong support at 5 EMA at 5827 which i consider to be a crucial avg for a week trader. These 2 days are crucial for DOW as FOMC meet begins. Tapering is expected to be almost $10billion. We all must wait for the result tomorrow. But chart patterns suggest a 70% chances a up-move. DOW is technically at confusing state but daily indicators are suggesting a upside bais too. RBI bank review is on 20th September and we dont expect at rate cut and i guess market is already discounting it. So we are in a consolidation phase and nifty’s downside is capped at 5690-5718. Our Strategy would be going Long and averaging your positions around 5691-5718 with targets of 6030-6150. (Closing basis) 

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