BUY NIFTY
Nifty has broken its support of 5400 triggering our stop loss.
Though nifty has broken the 61.8% retracement levels of 5400 (which is not a very heartening sign), there is still some hope for the bulls. The last frontier for nifty remains at 5300. Any close below that level will really trigger some major selling and then we will be forced to induce a change in our counts.
Those holding longs can continue to do so with the sl at 5300 or one may re-initiate a buy here with the same sl.My bias still remains positive even though i may be the only one left so. Last support is 5300.
i think this time no buy.
ReplyDelete@ rajnish kumar,
ReplyDeleteyes the time to buy has gone. By breaking the low of 5170 and giving a close below 5400 markets have given an early red alert. Wait for an adequate bounce and go short. My buy at 5340 levels was more so in hope provided 5300 levels would hold. The trend is clearly DOWN.