NIFTY has closed at 8922.65. Since the start of this new
year, NIFTY is in a sustained up trend. We are trading at the highest band of
price and still moving up. There are no upper targets can be set as we do not
have any higher price data take the reference as we are on the life time high. One
can only trail the Stop Loss for the longs he/she has and ride the rally. 8800
is a support which has to be hold or else NIFTY might turn the trend down, of
course for the short term. A close below 8800 will force us to exit the longs
from NIFTY and sit aside as we might see the levels like 8650 and 8550. Fresh longs
at this juncture must be avoided.
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