Nifty Outlook for 25th January 2012
Nifty barely 42 points away from our target of 5169.In the first week of January(2nd/3rd Jan) we have had mentioned in trend check table that close above 4710 will trigger short squeeze rally of 140 odd points.There was some consolidation before nifty broke 4854 on upside. Bears were squeezed out from the system above 4938 level.We have had mentioned in trend check table that breakout above 4938 will trigger 230 points rally. We were harping to the point that the rally could be as big as Oct 2011 rally(4710 to 5399).Today's key resistance level 5169 (closing basis),while support exists at 5086(closing basis).Long traders should book profit around 5169 as market is extremely overbought and bears will pounce on the slightest negative news(global or local) which can trigger sharp vertical fall.Profit booking expected below 5086 level,Termination of the rally below 4968 level.Short positions will be created as and when nifty breaches 5086/5068/5025 level.
Nifty barely 42 points away from our target of 5169.In the first week of January(2nd/3rd Jan) we have had mentioned in trend check table that close above 4710 will trigger short squeeze rally of 140 odd points.There was some consolidation before nifty broke 4854 on upside. Bears were squeezed out from the system above 4938 level.We have had mentioned in trend check table that breakout above 4938 will trigger 230 points rally. We were harping to the point that the rally could be as big as Oct 2011 rally(4710 to 5399).Today's key resistance level 5169 (closing basis),while support exists at 5086(closing basis).Long traders should book profit around 5169 as market is extremely overbought and bears will pounce on the slightest negative news(global or local) which can trigger sharp vertical fall.Profit booking expected below 5086 level,Termination of the rally below 4968 level.Short positions will be created as and when nifty breaches 5086/5068/5025 level.
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