NIFTY ( Futures ) has closed at 8670.90. As per our
previous post, NIFTY did climbed to 8660 and closed above it successfully. As per
our recommendation, NIFTY is now on the way to gain the strength. Today’s close
is a first indication. A follow up buying with volume and sustained trade above
8660 is very important for coming couple of days. If this happens, we assume
that the pre-budget rally has been started. Any longs in NIFTY must be accompanied
by a Strict and closing basis Stop Loss of 8560. This is a deep Stop Loss but
there is no other way other than this. To minimize the loss and trade with
comfort, one can initiate a long position in call options. 8720 and 8820 are
initial and visible targets. Other levels will be discussed later. Till then
keep these levels in mind and trade safely.
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