On our post #176 we mentioned a speed breaker at 5915 and yesterday Nifty did resisted there. Ghosh!! yesterdays close for nail biting but finally it did go with our view on bulls side. It is believed that chart discounts news before they appear on Media, and it was so true. Yesterday market recovered to the top in last hour because RBI’s after market step of reducing MSL was discounted. I hope none of you have been caught on the wrong side of the trend. As you all can notice in the chart, a trendline which was acting as a resistance on 5th Oct is now acting as a support line that is what we called ‘Role reversed’. Indicators have turned bullish and nifty is trading comfortably above all the moving averages. Now 2 close above 5900 would be a confirmed uptrend. Infy result this week could take our market to the tops.
Our Strategy: We are status Quo with our Long call on #175 Update with intact tgts of 5988/6090/6150.