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| Nifty Daily Chart ( source : www.icicidirect.com ) |
In our last post,we talked of target of 6230 and 6345 for Nifty.Nifty moved up to 6250 and retraced back due to profit booking ahead announcement of Credit Policy by RBI this week.RBI action shall decide the further movement for the nifty.
For the very short-term,nifty has broken the uptrend.Daily momentum oscillators were already in the overbought region and have turned negative.Below 6175,Profit booking is expected to continue in the market ,dragging the index lower.
On lower side,levels of 6040 and 5970 may provide support for the week.Short position can be taken in the index below 6175 targeting 6000 levels.Stoploss can be placed at 6230.
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