NIFTY

            NIFTY closed at 6289.25. NIFTY has cleared and closed above all the levels mentioned in our previous posts, reports. We have advised to keep the bias positive and trade long and the strategy worked very well. Now we have come to a very crucial point and stage for trading. NIFTY has a very strong resistance zone between 6320 & 6340. It might hover around these

levels and there are chances of a minor retracement also. Since the trend is positive, one might go and buy NIFTY if it trades sustainably and closes above 6340. The targets can be set at 6380 and 6420. We must keep our bias positive with extreme caution. Since the trend is up, we do not recommend to go short but one must keep away if NIFTY trades in negative territory. As we mentioned if NIFTY does not clear the resistance zone of 6320 – 6340 and close above this level the fresh long positions in NIFTY must be avoided.