Nifty- Wait for breakout

Last week, we were of the opinion that Nifty gave initial sign of weakness, but this time it proved to be slightly premature.  During the last whole week Nifty moved in indecisive fashion.  Let’s not discuss what happened, we talk about what is next.

NIFTY AS ON 14 DEC, 2012

NIFTY AS ON 14 DEC, 2012

I start with basics,

  • Undoubtedly, Nifty moved in an uptrend, where every dip is a buying opportunity, as long as price remains above 5700 level.
  • To go long on Nifty, I need to see move above 5925, it is good sign if it closed above.
  • To go Short (for taking trading opportunity), Nifty should move below 5810.
  • From Fridays closing it appears that Nifty will move higher.

Also, don’t forget to look at our stock specific recommendations.

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