As of now Nifty is place in a critical mode.....Fridays pull back had surprised many players(All credit goes To Dr Manmohan Singh)....Now people are talking of 5150-5200-5400......Lets See
Since October 2009, Nifty is trading in a range of 4680-5180....And Since Friday'a Closing (5052) is at upper level of trading range...this can be seen as bullish consolidation may break on upside
Nifty has retracted more than 50% of the recent fall happen in Nov 1st week.....If Nifty stays above 5050.....we can see a NEW 2009 HIGH( May be around 5250).
Any Movement above 5250....Can take nifty to 5400-5700 levels(in Near Term)
Down Side Nifty has a good Support @ 4900 levels .....As 20 DMA & 50DMA are lying,
Conclusion:
For Short term traders, Wait and watch, and if nifty does not sustain above 5050....short Nifty With 5100 as SL for target of 4900
Long Term Investor who want to build a good portfolio can wait for a dip till 4500-4600 levels...that will be probably the last Fall before Market hitting All time new High.....
Happy Trading,
For VSS Securities & Investments
Aditya V Singh
+919819198001
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