NIFTY is roughly 5% away from an all time high. And with the FII money pouring in, it doesn't seem tough for a new high to be set. If you look for economic data to point that things have become better, then wait, once new highs are touched, good news will automatically come in. Market discounts news and reacts to rumours. With elections looming large next year, consolidation will be seen for 6-7 months before elections. As of now, NIFTY has given a smart upmove from 5500 levels and now is looking to consolidate.
NIFTY won't breach 5850 levels and till then a correction is seen as buying oppurtunity. For now NIFTY has support at 5960 level and resistance at 6130 and 6230 levels. The 20DMA should be able to give it a push strong enough to break 6130 and head for 6200. Dips till 6070 can be used for buying and SL can be placed at 6030 for targets 6130. Shorts can be held near 6130 with SL at 6150, TGT: 6090/6070. If range broken then trade similarly. It is usually better to trade with just 20 points SL in Nifty and NEVER wait for next support levels.  This can wipe out your capital. Happy June :)
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