January 2, 2015

NIFTY daily charts

Earlier I posted (for many days) that trend is down till nifty closes above 8630 spot.

Today nifty closed above 8360 spot... now the way the charts look, I feel this level would qualify as a swing high. The new swing low is now 8150 spot.

Note that these levels are very close so do not be surprised if there are whipsaws to this long trade. Look at the current situation as if your shorts are stopped out (at a marginal profit).

Close below 8280 spot will be first sign of weakness.

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