Muhurat trading session went on expected lines and Nifty closes at life high and will definitely make another new high on Monday 8, 2010. VWAP is now @ 6329. Nifty closes @ 6312.
1) A new trading range will be established over the next two weeks and some consolidation of the technical levels will take place before the QE-3 results in January 2011.
2) The new trading zone as per Fibo levels depicted in the chart comes to 6285-6485-6585-6652. Momentum is positive with huge buying seen above 6200 levels on Thursday.
3) Three consecutive days of gap up and the Thursday closing levels of 6281 will be the first trigger of break down. Until then it is buy on dips and sell on rises market. For Monday 6290-6340-6390-6425 is the trading range. Watch out for Reliance, a great buy at these levels now and can be traded in tandem with Nifty now.
4) Nifty is trading now in unchartered territory and at life highs and more fireworks in store on upside. Trade safely! Happy trading!
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