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Sunday, November 9, 2008
Nifty view for 10-14November
In current scnario market have major cupports at 2860 level,so one must look for this level for any trade on long or short side. If this support is not breached then nifty has major resistance at 3120,though we have many intermediate resistance levels . So one can go long with stoploss of 2860,however if 2860 level is breached and sustained one must exit longs immediately.Nifty sustaining abv 3120,can lead to the movement till 3200levels.
The current upside in market is not looking strong i.e. the buying interest is not much,but market is climbing higher,and though in second half of trading day, so one must stay cautious and must put strict stoplossed to all the long positions. Leveraging positions at current level might lead to losses,so try to use the rises for profit booking. Buy at low and book at every rise,dont stay for miracles,as market can once again show the lower levels in coming days. Better keep booking profit and stay with cash to buy again at much lower levels.The current rally in market could trap retail investors.
Traders trading in Gold,are advised to trade with high laert as gold can show some weakness in coming coming days,as we have also told you all earlier. Below 11200,we can see some downside in gold.
FOREX- Ruppee will gain strength in coming days,and we can see it getting strong. We can see levels of 45-42.
Nifty levels for this week-
Resistance- 2995-3030-3080-3120-3170-3250
Support- 2930-2900-2860-2720-2680-2470
Above given levels are major levels,and all intermediate levels are given during market hours.
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