02 April 2012- Technical Update
Will the rise continue? Well, now a day indices are turning choppy during trading hours and those choppy moves run for as big aas 2-3 hours. This can misguide the trading direction or atleast can add high degree of frustration.
Technical levels to watch-
First was 38% from 5135 (starting from 5499) = 5274 - it has crossed and eventually turning stop loss of trading long direction.
Second level is - 5317- which is 50% retrechment. If seems that if Niftyable to sustain above 5317 then we can see further addition of 1% on higher side.
(Do I need to write it in bold letter to make you understand the importance?)
STRATEGY
*Watch out for resistance at 5317.
* You can opt to buy in initial dip for a move near 5317 but those gains will be limited.
* Be cautious at higher levels.
Thanks and Regards,
Praveen Kumar
