Market View: The whistle has blown!
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 analyze the data. The recommendations are his/her personal views. He/she shall not accept any liability whatsoever arising from the use of any of the above content.
Sources have been mentioned at relevant places in the article. In spite of this, the author does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.
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