MARKET MAKING LIFE TIME HIGH, BEFORE THE IMPORTANT EVENT OF LOKSABHA POLL, WHAT KIND OF POSITION BUILD UP THIS CAN INDICATE???
IS THIS MEAN THAT WE CAN SEE UP MOVE IN MARKET TILL THE ELECTION RESULT, THEN WHAT AFTER THAT???
SO LET THE POLITICIAN’S PLAY THEIR GAME IN THEIR WAY, WE CAN ONLY PREFER TO STAY WITH THE PROPER DIRECTIONS.
Last week we clearly mention that 6300 is good resistance if market able to move above this level then upside we can see movement till 6485 and even said that 6300 is trend decider level now, market still outperform able to give move till 6540 almost, which is 240 point move from our buying level.
Now at present level market able to make new life time high and able to give strongest lifetime close at upper levels.
Presently it has given a close above resistance level, but for big up move this close must be confirm in next trading session.
Rsi just able to move to the overbought zone, with the strongness in price, so if market stays positive here then we can see faster up move in coming days.
Last week nifty given a channel breakout at 6400 level and this channel is having a width of 400 points almost so from 6400 range we can see movement till 6800 level as per channel breakout.
Now for the long run in market 6300-6350 is key support range on long term chart, till the market close above this level, it’s a big on every fall now, but remember if market close below 6300 now then it can give some trend reversal indication also.
So overall for current week, one can build up fresh long positions if nifty able to move above 6550 level on closing basis which can give up move till 6800 level.
But if it not able to cross 6550 and able to give negative closing or red candle on chart here, then it can give correction till 6300-6350 range which is a good support at present, good fall we can see below 6300 close only till 6200-6100 range.
So main thing to watch for current week is stability and sustaining power of this up move, if it is sustaining at upper level then we can surly going to see some big move coming days, moving and closing above 6550 can only give levels till 6800 level and next move will be decide after that only, if this trend not sustain then 6300 should be watch as a key level or support level.