Nifty Technicals for June 6, 2014

 

Key benchmark indices edged higher after a news agency quoted an unnamed official of the India Meteorological Department as saying that conditions have turned favourable for the onset of monsoon in India in about 24 hours. The 50-unit CNX Nifty scaled record closing high.

All indicators are waiting for reversal yet not confirmed. Not far, one technical reversal from these levels. our team expects correction to start from Tuesday 10th June, on Monday we can witness our high for current rally. Correction should be sharp till 6800 which may took 45 days to complete.