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Thursday, 18 December 2014

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8,080 - 8,100 should be a strong support zone for Nifty

The index has passed its first test which was whether it can hold on to its gains throughout the day and build on them. Now, next is whether Nifty can cross 8150-8200 once that happens you will see bigger short covering coming in but overall the way broader market has turned up the way stocks have gained, basically lot of stocks were at their 50 and 100-day moving averages from there they have had sharp reversals. 

It looks like we should be able to build on these gains. 8080-8100 should be now a strong support for Nifty and from there long positions can still be taken and today is a first day of the reversal and technically you should now position for retest of the highs. 


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