Nifty close gives a confirmation!

After long time i am posting to you guys but am sure if you guys have followed as per my last post you are having a Gala time at D-Street. On my last post “Tug Of War” i had a recommended a conditional strategy on the index and fortunately we got the breakout on the upside and a buy call was triggered above 7690.  The rally from trigger points has almost burnt fingers of short traders but long traders have enjoyed the move. One of the best confirmation for long term has been achieved today which is that we have closed over 200 Day SMA , 7865, for 3 consecutive sessions which is a condition for ‘Technical Confirmation’ . Indicators on daily  charts are surely in overbought zone but weekly indicators are extremely in positive momentum. So each dip should be regarded as a buying opportunity for long term investors. While traders now can follow trailing SL of 7750 while can book partial profit on upside around 8050.

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