Oct 20, 2013

Outlook for NIFTY for the coming trading sessions

Nifty Daily Chart ( source:www.icicidirect.com )
In our last,post we talked of targets 6140 and 6220 for Nifty.In the week,Nifty after slipping towards 6050-6040 levels, staged a strong up move and continuing its uptrend closed at 6189 after touching 6200 level.
Nifty has given a breakout above the neckline of the Inverse Head and Shoulders Pattern with good volumes.
Now the index has entered the new territory and has open the gates for targets of 7000 in coming months.So, investors can initiate long positions in the market on declines towards 5700.Area between 5700-6175 is expected to provide good support.
From short-term term trading point of view,looking at the strong momentum and positive FII's data,Nifty is expected to head towards 6230 and 6345 above that. 6120 and 6040 may provide support on lower side.

No comments:

Post a Comment