NF views for 15th March 2013
Nifty has formed a Big Bullish Engulfing Candlestick on Daily Charts. But it faces Strong resistance @ 5946. Strong move above 5950 will be a cue to initiate fresh longs. Inability to take out 5946 will result in decline.
Longs can be initiated with a 20pts Stop Loss if Nifty Futures crosses 5960. NF faces Stiff resistance from 5990 - 6000. On the way down NF can be shorted below 5920 with 20pts Stop. Below 5886, declines will accelerate.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours. Loss of Capital is substantial in Derivatives trading.
Nifty has formed a Big Bullish Engulfing Candlestick on Daily Charts. But it faces Strong resistance @ 5946. Strong move above 5950 will be a cue to initiate fresh longs. Inability to take out 5946 will result in decline.
Longs can be initiated with a 20pts Stop Loss if Nifty Futures crosses 5960. NF faces Stiff resistance from 5990 - 6000. On the way down NF can be shorted below 5920 with 20pts Stop. Below 5886, declines will accelerate.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours. Loss of Capital is substantial in Derivatives trading.
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