NIFTY is still in a range. All the
levels are already mentioned in our earlier posts / reports. It is in a safe
zone, but still trading in a range since last 10 days. Neither it is sustaining
on the higher side, nor it is breaking down. Since we are around the all time
high and we have already witnessed nearly 30 % increase from the low it has
made in August, 2013. So it is very difficult to create a fresh longs on NIFTY.
Ideally we should wait for any breakout / breakdown for initiation
of any
position. Close above 6550 will infuse some confidence into the minds of long
traders, of course with a Stop Loss of 6480 on closing basis. And close below
6480 will force us to find levels to go short with a Stop Loss. Trading levels
will be discussed later when NIFTY breaks out / breaks down.
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