NIFTY

The questions raised in yesterday’s post, are answered today. A gap up opening and then flat moves for three days plus double insider bar pattern, were definitely indicative of an explosive move, which proved 100 % true today. NIFTY broke and came down to touch almost our star level, 6240. As mentioned earlier, close below 6320 will force us to close all the longs in NIFTY at least. A close below 6240 might generate a sell signal, but that is a

later part of analysis. As of now, it closed at 6257.75. So we are out of longs, waiting for another signal for re-enter. Let us see, where NIFTY moves, prediction can be proved dangerous, so will trade with the flow. Close above 6320 will lead NIFTY to higher levels so one can initiate long with a Stop Loss of 6320 and can initiate a short position below 6240 with a Stop Loss of 6320. For seller, targets can be set at 6150 & 6110.