Nifty spot on 15-05-2013 made a positive break out at 6115 and close above that level.Immediate resistance for the index is now placed at 6210 and 6270 ( calculated on the basis of Fibonacci extension).A strong move above second resistance can lift nifty to all time high of 6357.Only a weekly close above this level can confirm that market has enters a bullish phase.Where nifty has got a strong target of 7000 + .
But considering the political situation in 2013 , current account deficit and depreciation in Rupee.One should be very cautions in 2013.Always keep strict stop loss for all long positions. ( trading positions).
On the other side. Immediate support for index is now placed at 6020. Below this level next major support for index is placed at 5900. As long as the support of 6020 hold one can adapt the strategy of buy on dips.For the year major support for the index is at 5470. A weekly close below this level can drag index down to 5000. and then to 4770.
But considering the political situation in 2013 , current account deficit and depreciation in Rupee.One should be very cautions in 2013.Always keep strict stop loss for all long positions. ( trading positions).
On the other side. Immediate support for index is now placed at 6020. Below this level next major support for index is placed at 5900. As long as the support of 6020 hold one can adapt the strategy of buy on dips.For the year major support for the index is at 5470. A weekly close below this level can drag index down to 5000. and then to 4770.
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