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Wednesday, October 15, 2014

15-10-2014 - NIFTY



                NIFTY has given a close at 7895.25. As we have stated in our previous post, we are still holding our longs in NIFTY. In intraday trade, NIFTY tanked to the next support level of 7820 on Monday, made a low of 7817 and given a smart recovery, even yesterday, NIFTY has made a low of 7845 in Intraday trade and closed above our level of 7880. Now there is a slight change in the strategy. Now
the on the breach and close below 7880 will tell us and force us to close the long positions in NIFTY and NOT go short. Short selling is not recommended at this point in time at this level. For the time being, 7880 will be a level where a close below which one must close the longs in NIFTY and a close above 7880, one can again go long and hold the position with that Stop Loss. Other levels and strategies will be discussed later as and when market moves ahead. Till then, keep these levels in mind and trade safely.



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