Hello & Good morning! Welcome to the fresh and new
month. On the last day of the January 2015 i.e. on Friday, NIFTY closed at
8872.65. A big and prominent red down bar. This normally indicates a small
reversal from the top. A chart is given below for your reference. Now for this week
the top it has made in last
week i.e. 9029.5 will act as a stiff hurdle and resistance. Any up move closing
above 9030 for a couple of days will give strength and will tell us to search
for the long opportunities in NIFTY. Till then, the trend seems a bit range bound
to negative.
A close below 8820 will drag it further down and open the
doors for 8720 and 8660. It is pointless to discuss further levels as we have
to see the market, how it moves today. So please keep these levels in mind and
keep it handy while trading in NIFTY.
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