NIFTY has closed at 7238.90. Slowly
and steadily, NIFTY has come to an important support of 7200. Tomorrow is the
last day of the week and the first day of the new series. NIFTY definitely is in
a buy on dips mode, but we cannot avoid the price signal and the 1.30 % down
bar with decisive down close. If tomorrow i.e. on 30-05-2014, Friday, NIFTY
closes below this important support, the one can expect
another 100 / 150 points
down levels, around 7100 / 7050. 7050 is again another big support where NIFTY
has to take support. Break of which, will indicate us to sit aside and exit
from all the longs in NIFTY, at least for the time being. 6900 will act as a
turning point. We still feel that this down turn will be arrested soon and one
can buy on dips. Please refer the levels again for taking any positions. Keeping
the Stop Loss is a must. In this volatile market, a 75 / 100 points Stop Loss
on closing basis is necessary. This is our humble opinion; one must behave,
act, trade and keep the Stop Loss according to their comfort and capacity.
No comments:
Post a Comment