RE-ENTER IN THE LONG SIDE, STOP 3270

17, APRIL,
NIFTY 3345.50

Thursday's view still holds good for now. On Monday, if market opens strong and move towards 3400 sharply, then we can assume that a bottom has already formed. Instead, if the market turns weak from current levels (3345), then it may retest its earlier low of 3291. In that case, from the low, Nifty has to bounce back to 3350 region to confirm the low.

Since the stoploss levels are very close and the upward potential is good, we may get a good opportunity to trade in the long side.

But, though the chances are very remote, a sharp move below 3270 region would invite further 200 points fall. So, be cautious below 3270.

Revisiting my earlier recommendation of ACC, it is a short term call made on 12th April, and it has achieved the target on the same day itself. At present, the recommendation has no significance.

NIFTY IS ABOUT TO BOTTOM OUT

13, APRIL
NIFTY 3380

Click the image to enlarge it.


As previously mentioned, below 3420, Nifty had turned weak further. Technically, the last leg of a particular pattern of particular degree will be corrected in drastic manner. Here the last leg started from 3270 and stretched upto 3555 region. The maximum it could correct, is almost all of the last leg or it would be partially retraced according to the strength of the market. So, here, Nifty could bottom out around 3340 region or around 3270 region.

At the same time, as I have previously mentioned, trend in Nifty continues to be bullish. Once, Nifty bottoms out around any one of the above mentioned regions, it would bounce back with good momentum and in a very shorter period it would test 3550 region.