Intermediate Resistance Zone is 15115-15130
Breakdown Point is 14467
Long Term Support Zone is 14715-14870
NIFTY VIEW
We had recently seen some panic in market due to external events and global meltdown. As we had mentioned last week that NIFTY has completed its hourly timeframe correction and then bounced back to some extent. However we are now back at the same level and hanging at an important juncture.
If NIFTY goes below the Breakdown Point then we may see some sort of correction , however that correction will indeed make its bottom before going up. Hence , if NIFTY goes below then cut down your existing positions if in profit and build up for new positions when NIFTY looks to reverse.
However , the major correction is still due it will be interesting to see how we end next week.
Second possibility is that we have seen the last of NIFTY and might turn around from here as we have done our HOURLY correction.
Hence , the breakdown point is important.
Avoid Short positions mind you this can be a bear trap , as probability of NIFTY making a U TURN BOTTOM this week is higher.
STOCK PORTFOLIO UPDATE
RAMCO CEMENTS Buy 836 Closing 968.35 (+15.83%) (Exited 60 percent)
SHREE CEMENT Buy 24691 Closing 26501.70 (+7.33%) (Exited 60 percent)
ICICIGI Buy 1382 Closing 1426 (+3.18%)
NAUKRI Buy 4910 Closing 4910.35 (+0.01%) (Exited 60 percent)
SBI LIFE Buy 896 Closing 866.90 (-3.25%)
As you may have noticed already we had smartly cut all our positions since past two weeks and same has been provided in LIVE MARKET to exit !!
To stay updated with new recommendations and exit / profit bookings follow me !!
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