The Nifty has moved up strongly covering a little over 300 points already. However, it is now important to analyze where it may first take a breather. The most obvious zone is between 6050 and 6100. This is the same trend line which was violated on the way down near the 5900 level. This was a strong support trend line lasting almost nine months till then. Now, the same trend line may resist the up move Caution should be the watchword in the next few days., and traders / investors are advised to travel light. The medium term is still bullish, and the index will move much higher once this hurdle is crossed
Navjyot Gill Follow I have been actively associated with the Equity and Commodities Markets for the last 26 years. I started out as an investor / trader and have been a sub-broker with M/s Motilal Oswal Securities Ltd. for 6 years, followed by M/s Karvy Stocbroking Ltd. for 2 years and presently with LKP Shares Ltd. It is important to add that I have passed the NCFM and MCX certificate courses several times over the years. At Motilal Oswal, I was awarded the medal for the Remisier of the month on an all India basis, and have been consistently in the top 5.
Nifty Trend Line Resist Zone
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