Hi All,
As per my earlier
post(http://www.blogger.com/blogger.g?blogID=1193946081176724201#editor/target=post;postID=8663621023365516905;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=3;src=postname)
after BJP gaining a clear cut upper hand in assembly ellections markets
reacted positively, however they fell off sharply from the days high
and also a Life time high of 6415... currently hovering around 5350
mark.
I think this correction which might get extended till 6300-6200 (maximum) and should provide a chance to go long for traders.
for
a bigger time frame a close (preferably monthly) is required above the
previous life high of 5357-60.... Once that happens Nifty is set for yet
another bull run with some predictable targets ranging from 8k to 10 k
over a period of 3-6 years....
Traders should seek
corrections for getting a long opportunity rather than trying to catch
it right now.... going short for short term can fetch low risk low
probability but may be a high return opportunities, so the same should
be avoided by conservative traders, aggressive traders should do it once
some bearishness is seen on daily or hourly charts.....
Cheers
Hrishi
