Nifty

#187 Nifty Update: Bulls are still on a Vacation

Since last two sessions we have seen some profit booking on Diwali Rocket rally on Nifty. BOLT is missing bulls on the screen to tick up the index. We are seeing some sector specific movements and not one sided move which is a typical characteristics of consolidation phase. yesterday it was Pharma and IT for correction while today we saw banking sector sliding and Pharma picking up. As we have been stating Monthly chart is strong bull mode while weekly chart is on the mid way of road indicating that market could even go downside. But daily chart is showing some weakness since last two session. Not much of the fundamental reasons to interfere currently on the charts but market is in purely in Technical Tunes. There are two lines cementing road of nifty current as i have marked with the arrows on the graph. Black line is acting as a support for the 4th time today since 5250. Today we did mention on our fb page and twitter that 6210 would be a strong support and today low was at the same mark. Tomorrows day is important for our long call as closing trailing is near by.

Our Strategy:We still HOLD on our long call with tgts of 6375/6500 with closing trailing SL at 6200. 

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