RECAP
We had written to short nifty at 5225. It was exactly the high point of nifty yesterday.
Yesterday's link: http://jerrytechnicals.blogspot.com/2009/12/indian-stock-market-outlook-29-december.html
Readers would have made 50 points per lot yesterday.
Nifty
Nifty is getting stiff resistance at the upper end of bollinger bands.
Inorder for nifty to over come this resistance nifty should cross 5225 with volumes and trade above that level.
In such a case nifty will move to 5270, 5305 and 5340.
Otherwise nifty future may be shorted around 5210 with stop loss above 5225 for targets 5160, 5147, 5118.
L&T - Bearish float
Short L&T around 1695 with stop loss at 1705 for targets 1670, 1660, 1640.
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
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