4-5-2014 - NIFTY

            NIFTY has closed at 6726.70. Recently NIFTY has made a high of 6902 on 25^th April, 2014 and made a double top and came down. There is a range of 80 to 100 points and it has to break one side of the range to break the range and continue the move. On the breach of

6720 one can go short on NIFTY for the targets of 6680 and 6600 and once it closes below 6600, one can expect further down side till 6500 also. In case of crossing 6780 and a sustained trade above that, one can go long for the targets of 6820 and 6860. A close above 6860 can lead it up to a new high. 6720 and 6780 must be treated as Stop Losses for long and short accordingly.