02 MAY - NIFTY - Expecting rise up to 5271 or up to 5299. Which one will be under test?
NIFTY:
I have already said that I do not prefer to trade short. Current rebound can take a move up to 5271 and then up to 5299 levels.
How these figures came-
- 5248 – 50% (of fall from 5342 to 5155) from 5155
- 5271 – 61.80% (of fall from 5342 to 5155) from 5155
- 5299 – 76.40% (of fall from 5342 to 5155) from 5155
I have already quoted those in my intraday update on 30 April 2012 . As we have already close on 5248 levels so even if market sustain even in positive zone then it we may see a move towards 5271.
So it is very clear that there is no possibility of any attempt to short in initial hours. As long as Nifty holds 5226 levels, do not short from lower levels.
It is advisable to see reaction at higher levels near resistance of 5271 and 5299 to decide about next move.
As of now, I may prefer to trade on long side in initial hours. I am still saying that rising trend will have very limited trading opportunity. If fall comes then only we can enjoy trading. Let us see what is about to come. Just keep those figures in mind.
Depending on market condition we will release intraday updates too. Till that time, you can post your views also so that I can present better result for you.
Read www.viecapital.com for stocks views
Follow us on twitter a/c 'viecapital' to get intraday updates.
Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
Join the conversation