Nifty has been making higher
highs and higher lows and forming bullish pattern. It is consolidating at
higher level with no sign of correction. However, the chart indicates exhaustion
and a bit of stretch in the rally. It is not prudent to chase nifty as the
increase is very incremental and just last 30 minutes rally to end at higher
levels.
If Nifty does not hold 12296
on a daily close basis, there could be a significant correction.
Trades will be given during
the market hours after ascertaining the trend.
As per chart, today could
be a bearish day. It has been intimated
to all of you well in advance yesterday and advised to buy PE at the close of
the day.
Since I have suggested 12250
PE 16/1 and 12000 PE of 30/1 I will intimate the targets for these. It could be
a slide for consecutive 3 days if downside starts today.
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