Nifty was driving high speed on the road and it has just slipped off the road today. As you all can notice in the chart Nifty has just breached a strong upside channel today and closed above that level. It had been facing strong resistance at this line for last five times but on the 6th time it just hit a 6 out of the boundary completely. Our third tgt 6211 has been achieved on our long call on Nifty re-initiated at 4th February. We have seen some re-initiating buying interest by FII in indian stocks. High delivery positions have been witnessed in the fair valued stocks in Index as well as in the mid-cap sector. Economy around the world has been showing some signs of improvement starting with the Euro zone. Portugal has seen 1.6% growth and Moody might give it a stable rating from Negative stable. UK has given some growth at 0.5% which is better than nothing. Still Japan is in deflation mode and it is trying turn themselve. Can Abenomics save them? April will say!!! Indonesia is the economy to watch in this next cycle. People say that it can outperform emerging markets in terms of Growth rate from this point. Coming back to Nifty technical it has just taken strong support on 50 Daily SMA and for the 2cd consecutive day it has closed above 100 daily SMA situated at 6163. If Tomorrow it closes about the same level than it gives confirmation for the bulls. Nifty has seen some increasing trend in the volumes in last three session. Expiry being tomorrow, its gonna be a high volatile session.
Our Strategy: We are intact with the Hold on Long with final tgt 6263 and a Extended risky tgt of 6310 . Trailing SL comes down to 6100