NIFTY view for 10th February, 2012
The Nifty has finally broken out of the psychological resistance of 5400 after trading the whole session in that 80 point pressure cooker band for four whole trading session proving my positive bias correct. As I mentioned yesterday “a trend is assumed to be in motion until proven otherwise”, and in this case it wasn’t proven otherwise. The Bank Nifty has broken out with even more force supporting the Nifty break out strongly. Hence long position should continue to be held with a stop below 5338. If one does not have long position one could initiate fresh longs at open tomorrow with a stop at 5338.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. The author does not accept any liability whatsoever arising from the use of any of the above contents.
Mohit Gaba is a Technical Analyst and Trader. He has previously worked as a relationship manager at Citibank N.A (Dubai) and portfolio manager at ES Bankers Dubai Pvt. Ltd. After returning to India, he rejoined his father within the capital markets and has cleared the IFTA exam and is now a Certified Financial Technician.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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