NIFTY closed flat at 6550.20. Again
a red down bar. Still it is in a range. Not going anywhere. Neither it is
breaking previous day high, nor previous day’s low. Consolidation on the
highest price band is a good signal to avoid taking any fresh position in any
direction, till the time it breaks out / breaks down of this trading range. Close
below 50 to 70 points from close, and the
scenario will start changing. We do
not assume that the trend will reverse over night but what we assume and fear
is, of a deep correction. So we have to keep our long in NIFTY, with trailing
Stop Loss and ride the rally, if at all any steam is left in the trend. As usual,
6480 will act as a Stop Loss for long in NIFTY.
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