Oh, I did not realize that my post today morning would find its way straight to the ears (or eyes) of Market God. It went for a hike of about 125 points immediately after my post. However by the end of the day, NIFTY was back to where it started. This move prompted me to check the charts once again. As you can see, the trend line this time was going somewhere close to 5200 as against 5240-5250 in last post.
In any case a closer look was warranted and I did take one.
So the real support (of this trend line) is around 5190. This figures corresponds with 200d EMA and it will be a strong support. If you believe (I unofficially do) that NIFTY is primed for a move up, it will be a good level to create some (small) position. Keep a continuous eye on NIFTY if you really do.
I am itching for writing on couple of scripts; DLF for instance after the Veritas Report or KingFisher after so much news. Hope to find some time for that.
You have great fun during Holi. I appeal to all of you not to waste water and play 'Tika Holi' this year. Have a great festive season and Happy Trading...
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