NIFTY, as mentioned earlier, is in a
breakout mode with small retracements often. With all the respect to this
uptrend, we must not forget the weight of an uptrend; it is carrying since
August, 2013 from the bottom, 5108. So it will retrace a bit, which is a
healthy sign of a healthy market and will give a good entry to participate in
this ongoing uptrend and rally to those who are still on the sidelines and
could not participated in this rally. We have to continue our longs in NIFTY
and put a Stop Loss, 20 points below
yesterday’s low to be on a safer side. a prominent
downward move and a short signal might be generated if it is closing below 6695
decisively. Till then just hold your longs or go for fresh longs with a Stop
Loss of 6780. Breach of 6780 will indicate us to exit from long and wait for
shorting opportunity for a short period of time, of course.
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