24/11/2014
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No change in view . We are very bullish on Nifty. Buy on dip .It’s common and known to everybody that from a point (price) there are always three possibilities UP, DOWN and SIDEWAYS , By looking at Nifty Monthly chart it’s clearly visible that it’s BULL market and as per chart there’s more strong possibility that it’ll try to touch upper line which close to ~9000/9500 !! AND WHAT ABOUT AFTERWARDS?? ….So at the same time more danger time to come. You have seen in market now a days most of analysts stopped giving BUY CALL as due to a general rule of “Uncharting area of historic high”, give only SELL CALL!! BUT we consider psychological analysis as well.
As per our chart analysis, as of now we see nifty going only UP side till 9000/9500. RSI is in overbought (above 70) BUT there is no rule for how long it would be in “overbought” zone !! As we said in previous posts as well JUST BUY NIFTY on every DIP and on levels only. FOR SELLING see down side volume, if any time volume is equal to ‘alert volume’ line, STOP BUYING IMMEDIATELY. As a caution on daily basis , this time , if there is correction of more than 180 points , STOP BUYING IMMEDIATELY. Magic level for NIFTY is 8360/8290!! Login to portal know major support/resistance levels.
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