As indicated last week Nifty did close strongly above 5200 level. Now it has closed above this crucial level and is more likely to stay above it for the better part of this year.
The strong supports now exist at 5230/5200/5170 levels. The base for this rally is now moved up to 5080 from 4880.
On the upside, expect Nifty to show levels of 5300/5410/Higher very soon.
The rally is likely to take a pause around 5400 levels. This must be used to build fresh long positions with appropriate stop loss in place.
Overall, the markets are ripe for a good upside this week.
Performance of my trades can be checked here - http://followthetrendnow.blogspot.in/2012/06/performance-update-since-10-may-2012.html
The strong supports now exist at 5230/5200/5170 levels. The base for this rally is now moved up to 5080 from 4880.
On the upside, expect Nifty to show levels of 5300/5410/Higher very soon.
The rally is likely to take a pause around 5400 levels. This must be used to build fresh long positions with appropriate stop loss in place.
Overall, the markets are ripe for a good upside this week.
Performance of my trades can be checked here - http://followthetrendnow.blogspot.in/2012/06/performance-update-since-10-may-2012.html
Nifty now has a small resistance @ 5340-50 zone. Fresh longs can be taken if Nifty retraces back to 5280/5260. Very Strong supports @ 5260/5240. Best position - Long position.
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