March 12, 2014

Expect profit booking below 6480 spot else trend up

Withing the range of the breakout candle, we are witnessing sideways trading such that range formed in last 2 days was still holding today. This level is 6480 spot and so expect profit booking below 6480 spot.

Any correction at this point is still likely to be limited to 6400 where we have substantial put writing. Below this next support is at 6200.

Breakout above 6570 spot will lead to another fresh round of buying.

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