NIFTY has given again a flat close
today at 7637.15. As we have expected and mentioned yesterday, choppy moves and
consolidation is likely to continue with slightly downward momentum. NIFTY has
a small support zone between 7500 and 7520 levels. It might take a support or
might bounce just above this zone or as a third possibility,
break 7500 for a
very short time in intraday and bounce again, in any case one has to go and buy
the correction. Only precaution and a Stop Loss is recommended is the level of
7500. Once closes below that or do not bounce back again above the support zone
of 7500 / 7520, one MUST NOT hold any long and one MUST NOT short sell. Just keeping
away from the NIFTY trade is the most advisable move.
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