October 1, 2014

NIFTY monthly charts

NIFTY has formed a doji (open equal to close) - this indicates a tussle between bulls and bears. It can also mean indecision with neither party willing to take aggressive trades.

The trend is still up and SL for long position would be 7540 spot. Immediately below this we another support at 7420 - so expect true support area between 7400 and 7500.

Deep support is at 6300.

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