Monday, June 17, 2013

Nifty movement for Week # 25 starts on June 17th, 2013

For any short please keep 5900 as ultimate stoploss,

Being Weekly pivot, Monthly Pivot, 50% retrenchment of April low till May high and 38.2% retrenchment of May high till Last Thursday  low almost in same zone and that is 5855 to 5875 then by stretching a bit covers 5900.
Looking at global cue and recent political uncertainty, I am negative on Nifty for short term. My first target in down side is 5500. I have not upside target as I do not see Nifty much up-move. Direction should be change if it Nifty stays above 5900 for one week.

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