NIFTY

NIFTY is again closed just below our star level 6240. Ideally we should be in a Sell position with only 25 points Stop Loss as mentioned in our last post / report. A close below 6200 will make it further weak. The down targets are intact as 6150 & 6000. This week’s close below 6200 will confirm the down move. 

Below is a weekly chart of NIFTY and it clearly suggests the divergence in price & RSI. It indicates that it is preparing itself to go down. For any great up move, NIFTY has to close above

6240 for at least two consistent weeks. Till then, Sell below 6240, Buy above 6320 and No Trade between 6240 & 6320. Stop Loss will be 25 points on either side.

Weekly Chart of NIFTY