Nifty closed @ 6135 on December 31st. VWAP @ close is 6162. The level of 6135 once again becomes important.
1) Nifty consolidating around 6085-6135 levels can keep the bullish view intact. The reduced volatility favors this scenario. Targets will be 6180-6400. Volumes still low and may be after two to three sessions of consolidation around 6135, Nifty will get a clear cut direction. The QE-3 result season begins and results/performance of index stocks will certainly determine the direction of the index this month.
2) Support of 6085 if broken on a bad day could in fact become a buying opportunity if the level of 5980 holds. Nifty is trading above all EMAs and SMAs and there is no opportunity to think of shorting at these levels.
3) For Monday, the level of 6107 will be strict stop loss for longs if the level of 6135 is held and resistance of 6160 is overcome for target of 6190-6200 on spot values. Happy trading!!!
No comments:
Post a Comment