The price formation of the Nifty along with medium term moving averages and retracement analysis suggest that a turn now from this level beyond 3000 should actually lead to a larger and speedy rally, beyond 3240.
Fundamentally it may coincide with the announcement of the stimulus package and the markets' reaction to it.
I would look forward for a close above 3000 to get a better cue on the next leg up.
Till then - wait and watch is the best mantra !!
Happy trading
CA Rajiv D Khatlawala
Head of Research and Training
Jhaveri Securities Ltd.
1 comment:
That was a great tip sir. But what is that is stopping the rally around 3200 levels
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