New high was made today. Exactly as
we have expected and discussed yesterday. Now that NIFTY has closed well above
the previous all time high 6420, at 6549.70, we have entered into an
unchartered territory. Unchartered territory simply means that the chart is
making a new high and we do not have any past data for reference and targets.
What we do have is just supports and
if we have any long positions, we have to
trail the Stop Loss and ride the rally, without any doubt. Well, that does not
mean that the market will not come down ever. Remember that no trend is
permanent. But for any short positions, we have to wait for the breach of 6400,
at least. After breach of 6400 on closing basis, we can search for the first
indication for shorts and not before that.
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