----- Original Message -----From: SnehaSent: 03/02/2010 11:29 AMSubject: [Technical-Investor] Be causious on Nifty : But good sign of further upmove
Dear Friends,
I am sorry I was not in town yesterday so was unable to reply to few of our friends.
Now nifty is trading above its 50% Retracement of 4917 (which is taken from low of 4531 and high of 5303).
This is critical resistance for Nifty , the next target for nifty will be 5008 and 5110.
Support side nifty has support at 4826. (this is major one, nifty has aredy tested this level 4 times, so if it closes below that then there may be short term worry and market can head towards 4600 (but again this is short term, long term market is bullish)
Use of stoploss : As per my experiance and suggestion, whenever you put a stoploss put it few points away from its actual stoploss, otherwise you might see that it hits the stoploss and again goes back to its level.
Recomendation: Today's market is very volatile, if it sustains then its really good for market and might be a new rally upwards, but same time if it falls then 4600 is not rulled out, so i will suggest to stay out for today as it has already 90+ point high.
If anyone is needs techincal view support and resistance then please mail me, i will try to provide it as soon as possible.
Today I am online so you can expect quick reply and again its FREE so do not hesitate.
Note: This is just personal view if you are trading on this, please trade use your experiance, expertise and trade on your own risk.
Regards,
Sneha
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