The short term trend will remain positive as long as
index trades
above 19500. Decline below 19500 will imply that the
index is
heading towards 19100 or 18700.
The medium term trend was that it was moving
sideways between
18000-20500 since the begining of the year. If we
assume that the
Correction has ended at 17448 then the next long
term wave has a
target of 20729 and 22758.
The entire zone between 20700 to 21100 is a
potential threat to this
Rally. Resistances for the week are placed at 20480
and 20740.
If we are unable to break the first resistace then
we are heading to
20050 or 19500.
The NIFTY has already begun a short term correction.
It faces
Resistance at 6063 and 6142. If it does not cross
6063 then traders
can go short with stop loss of 6080. The targets are
5933, 5750.
Keep a stop loss of 1000 and go long in SHRIRAM CITY
UNION
FINANCE. It closed at 1080 on FRIDAY..The target is
1150. Break
of 1150 will take it to 1200.
HAPPY TRADING WEEK !!!!
No comments :
Post a Comment