Today Nifty closed at 5110.75 down 81 points from yesterdays close. As mentioned that the Nifty has a good support at 5120-5070, it tried to stay above 5120 but due to less volumes in the markets it was easy for the bears to short fresh Nifty futures at 5110 levels. Nifty future dropped till 5075.I have clearly mentioned in my blog which was posted on 19th Feb 2008 & 20th Feb 2008 “BE CAUTIOUS”, that this is the ultimate place till where the Bulls can be in action and now it is the time for the BEARS to be back in action. I have mentioned that the halt in the rally of the Nifty due to the candlestick pattern that was made and due to the resistance levels at that point. It clearly shows that my clients were informed well in advance about the fall in the market.
At 5400 levels I told that the Nifty would fall till 5200-5176. I have also mentioned that if Nifty closes below 5120 then it can further tank till 5030 levels. Today’s close is below 5120.
In the Nifty chart, which was posted on 20the Feb, I have clearly marked, that the short term moving average is crossing the long term moving average from up to down, that proves the downtrend in the index. Last 2 days the Nifty close is below the shortest moving average.
Nifty close below 5030, then the level is 4850. Nifty Resistance levels 5176-5200-5400. Till that time "NO TEJI".
HAPPY TRADING.
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