Nov 5, 2013

Outlook for NIFTY for the coming trading sessions

Nifty Daily Chart
(source:www.icicidirect.com )
Nifty is continuing its uptrend on the back of strong up move in large cap heavyweights after breakout above the neckline of the Inverse Head & Shoulder Pattern and continuously trading above the neckline.FII's are on continuous buying spree.
Seeing the strong upward momentum in the market,Nifty is expected to climb to higher levels towards all time highs of 6357 and 6400 where the highest open interest for the call option lies.On the lower side,6175-6180 is expected to provide support in case profit booking happens.

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