Nifty

#205 Nifty Update: Flight Missing to 7300

Most searched or read news last week would be abt MH370 missing! It is sad that whole world couldnt track a missing plane. With the all latest technology combined together we cannot find a plane then whats the use of such technology? Same is somewhat with Indian Financial markets. All were ready for take off to 7300 but that group of Bull is missing on the bourse to take the flight ahead. We might see a U turn back to 6250 from here. All the news have been factored and now we dont have any even domestically upto 1st April which is RBI Policy. I personally not expecting any rate cut as that my give some favoring to Congress before election. So may be RBI governor play safe until one more policy. Technically Nifty has given some weakness confirmation as per our technical Indicators combination today. Now we may some profit booking from tomorrow which could even a sharp one to 6250. If you are my old blog follower than i had posted on 25th Feb 2013 on my post http://chartechnician.blogspot.in/2013/02/321-go.html that target on Nifty is 6550 and it has been achieved last week. Market is chewing around 6550 and now i am expecting it so slide dwn for a correction which could be as worse as 6082 that too in no time. RSI has turned negative and Nifty has closed below 5 day average after long time giving a short term weakness sign. MACD was already resisting to move ahead. Volumes have dried up and already IT sector had given warning sign of market turning around for the short term. Defensive stock such as HindUnilever and Asian paints were already showing positive sign which is bearish for stock Market. So we are a bit bearish for short term traders

Our recommendation: We recommend short term traders to SHORT Nifty CMP: 6483 with tgts of 6430/6340/6260 SL: 6550 (Closing basis)

Note: All levels on Nifty are of cash levels. All the words or phrase used are just for post purpose. We are not against or in favor of anything. Any resembelence to true event is not true. Avoid speculation from our post. It is purely related to Nifty Equity Market context

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