Recent Asia series have been a disappoint for Indian cricket fans while at the same time Nifty has given some marvelous returns to traders. We have shown under-performance at cricketing field and also at the equity field but we have recently covered some respect on Nifty while we need to do alot at the cricket field. Our Final tgt 6310 on Nifty has been achieved against the Long call initated at 6000 on 4th Feb. Russia’s invade plan of ukraine had got hell out of the world but than it was relief when Russia called back their troops. GDP has been better off for us and also trade deficit has narrowed compared to GDP which is a good factor to keep in watch for our economy recovery. Election date has been declared today which will start from 7th April and result will be declared on 16th May. technically all this factors have been taken positively by markets and we expect positive momentum to continue. RSI and MACD are in 3rd gear and are ready to gain full momentum while on the 4th gear before they resist at 5th. Index is trading comfortably above all the long term moving averages. As per Elliot wave 6398 is the first stop were Nifty could stop. We expect a consolidation or correction from the levels of 6400.
Our recommendation: Risk takers hold long with the tgt of 6398 and trailing sl 6266 while Safe traders could wait for some confirmed signal before taking fresh trade.