The NIFTY opened in up gap today and closed near the day's high, recovering yesterday's fall almost entirely.
The weekly pivot is at 4308 and the Nifty has closed above that.
Upmoves may face resistance initially at 4353 and on a break above this level, the likely target is at 4425.
The weekly charts suggests that medium term investors may now get worried only and only if 4075 is broken. Upward momentum will build up on a close above 4425 to retest the last week's high of 4539.
Short term players may, however, keep a stop loss at 4240 for any long positions.
The fall in Crude, among other things, is giving support to the market and if inflation figures are 'not bad'then above mentioned up targets are highly likely.
Happy trading !!
CA Rajiv D Khatlawala
No comments:
Post a Comment