13 December 2012


Buy Nifty future above 5880 tg 5910,5940,5970 sl 5850
ONGC  future call given achieved first target.
As we have predicted yesterday nifty after starting around 5900 could not maintain the level and slip into red to make a low of 5844 today. The end-of-day price chart for the Nifty does not reflect that optimism at all. It continues to warn us that we are headed for a corrective downdraft however short lived that may be before we start going up again.
It is true that the long term trend of our market is up  however As it is, even if you see the market moving up from here, at best a 2% upswing can be seen before a serious corrective swing setting in....
Thus, it may be more prudent to wait a little more and let the scenario clear up a bit giving us a directional cue . The level 5895 would act as the deciding factor We tend to think a retest of 5860 through 5840 test is more likely during the day rather than the index clearing the levels beyond 5943 right away. We would be quite wary of the index closing below 5840 today since that would be a confirming signal of a short downtrend shaping up.
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RESISTANCE:5900 5920, 5960
SUPPORT      :5890, 5860, 5830

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