Nifty

#171 Nifty Update: Nifty was Drunk

Nifty had a great party and was drunk completely today. My tgt was 6150 on Nifty and it was almost achieved with high of 6142. A day before yesterday i did mention to go long on Nifty and now we are dicey from here. Technically we are expecting a small correction but other side it has chances to move up. RBI policy tomorrow and expecting no rate cut is adding more biasness to profit booking. We may Nifty to take support arround 5840.  Today around 3pm we did post to hedge longs with 6000 PE and we guess you did it and if u missed, we recommend to do it at the first tomorrow. Weekly and Monthly chart are suggesting a close above 6100 this month but Hourly and Daily chart are expecting a profit booking soon. Indicators are near to overbought zone and Index is comfortably above short term averages. A profit booking could take index back to averages around 5840

Strategy: HOLD our initiated long on Index and Also Hold 6000 PUT. Square of Nifty at 6000 on Downside and book profit on PUT at 5840. On upisde its party for us!!

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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