So intra-day traders had a field day today ! and others sighed some relief!
In fact , on intraday charts, since morning we could 'sense' a classic reversal pattern giving a target on upside of about 90 points. It later rallied more than 125 points beyond the break out!
Nifty which was again getting far off from it's moving average. Moreover trendline resistance is near the weekly pivot point - 4200. This level may may as resistance level. A break above 4200 gives a target of 4280-4300...
I presume the 'correction' should then get completed.
Consider good support in down move at 4000.
I presume readers could take advantage of the 'corrective fall' in Satyam and Infosys as evaluated some days back.
Happy trading
CA Rajiv D Khatlawala
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