Sunday, April 1, 2012
There has been a lot of confusion as to regards to Nifty's Direction for last few trading sessions. So here is my take on it:
- Nifty is in long term uptrend.
- Investors can buy with eyes closed everytime it corrects at least 10% in a month and average their positions.
- In the coming week traders could look to trade Nifty in the upward direction. Immediate Resistances are 5310-5340, while immediate supports are 5200-5220.
- After reaching a high of 6338.50, Nifty is clearly doing a flat correction. Current B minor could take Nifty to 5650 to 5950 odd levels. That could be within next couple of months.