Trading Support & Resistance of NIFTY Spot - 31 Dec 2010 :-
Resistance :- 6118.05, 6135.25, 6162.10
Support :- 6074, 6046.15, 6029.95
Break - Even Point :- 6090.20
As I had said on 28 Dec 2010. If NIFTY Spot crosses 6034 - 6050 and sustains at least two days at these levels, then we will see new high in the market. What did happen in last two trading sessions, NIFTY Spot not only crossed these levels but also made the level 6100 and closed at 6101.85 on 30 Dec 2010.
Now it is sure NIFTY will touch some magical levels in coming months with the volatility of 100 to 125 Points both up and down side. But I am not seeing the NIFTY Spot below 5800. NIFTY will maintain this sensational level and direction will be on upside. I have also doubt that NIFTY will cross 6300 level by Jan 2011 Expiry.
But, long position can be built at this level for upside with Strict Stop Loss 5885.
"Please keep in mind what I have suggested in NIFTY Cycle on 28 Dec 2010 Post."
No comments:
Post a Comment