Nifty able to Hold and close above 5400, Neglected all Negative European Cues. Nifty moved in between 30 Points for the entire day - followed by Telecom Stock and Sugar stocks worst hit. Bharti Airtel breaks the Important Low of 250 and 230 is the Next Support. Rcom took support at 54 and 53.40 is the Previous Low to watch, if broken then may fall to 47 and 42 sooner or later.
Coming back to Nifty - One Blog Reader asked in Yahoo messenger - Your Level 5386 crossed Yesterday and today also it seems Nifty unlikely to give up 5400 - So whats the Target on the Upper side. It seems quite Interesting that every one ask these same question - If one Patter or Level or count failed - Should I delete the current one and Jump and take Long Position. Or should I say - If I had a Short Position in Nifty - If Stop Loss hit and Should I Jump and take Long Position ???? Certainly Not.
Here comes the same view - Almost all the Indicators are Negative - Still Nifty Moving slightly Up or Holding with out Falling - But stocks are getting hammered every day - means - You should wait and watch - or Mark it as "NO TRADE ZONE" or Stick with your previous view that was taken already - with renewed Stop Loss -
Patience is the Best Medicine You need at this Point of Time. Wait for the exact Opportunity and trigger your next trade.
Lets wait and Watch - Cheers!!!
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