Nifty

#199 Nifty Update: Hanging on the verge of Peak


On our #195 Nifty update we recommended tgt of 6070 on Nifty Short which has been achieved today and i guess you guys would have atleast booked some profit. Now future path on nifty looks lil bit dicey after carefully studying banknifty chart. Ofcourse Weekly charts and Monthly charts are looking still bearish but we are smelling some internal pull back from the daily charts of nifty. Firstly, As you all could notice on the chart Nifty is travelling in downside channel and today it has just managed to cling on the peak of support line in Channel. Technically tomorrow is important day for Nifty analyst as closed would be important for weekly candle as well as monthly candle. Secondly, Considering only todays candle it is a hammer or you can say a Dragon fly which is a sign of a reversal for a short term. And Finally, if tomorrows opening is little positive above 6082 than we could see a Morning star reversal after tomorrows close. Yesterday, FED tappered more $10 Billion  from its bond buying programme which helped markets to crash today morning but fundamentally you think its good news for Economy as tappering is sign that FED is smelling a recovery in its Economy. Our results have on other side been hawkish and unable to decide the state of economy. Our markets are majorily for National Election rather than Economic recovery. So coming back to Index for near term we are expecting a short recovery of 150-200 Points.
Our recommendation: Book 100% profit on our short Call near our 1st tgt 6070 and we recommend to go long near to same level with tgts of 6125/6170/6230 SL:5998

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