7459-7583 was a congestion area in Nifty & it took 11 trading session to cross & close above it. Its good that it has spent good time in this range before closing higher. On any downside it provide good support.
If anyone following my twitter account @MoneyMystery then one can find the same mention on various occasion.
We have discussed about the same range in our previous article too dated 4th September 2015 (Darrna Mana Hai Abhi) & if someone noticed carefully it took support on 2 occasion around the mentioned range & bounced off nicely post 4th Sep 2015. It was clearly mentioned that it will get tough fight from 7583-7568 & 7511-7459 before any break down.
Nifty closed at 7604...a good weekly closing indeed.
We are very closed to a very important level which is around 7780 right now (Level may little change with time).
If it can give weekly closing above 7780 then we can witness solid bounce in Nifty to the tune of 10-15% in the time to come provided the level is hold. Its a very key level above which the scenario can change dramatically on the positive side..
This is not an easy level to cross. We are very much near to it however still far from it. What can take it above is the key question & right now the Brahmasthra seems to be with Mr.Rajan which is the Rate cut. Timing matters here & the right time for rate cuts will be close to that level where it will certainly take it above the key level & I expect the same to happen.
The current upside in Nifty from 6825 to 7600+ shouldn't be underestimated as it is backed by solid FII's participation.
If anyone following my twitter account @MoneyMystery then one can find the same mention on various occasion.
We have discussed about the same range in our previous article too dated 4th September 2015 (Darrna Mana Hai Abhi) & if someone noticed carefully it took support on 2 occasion around the mentioned range & bounced off nicely post 4th Sep 2015. It was clearly mentioned that it will get tough fight from 7583-7568 & 7511-7459 before any break down.
Nifty closed at 7604...a good weekly closing indeed.
We are very closed to a very important level which is around 7780 right now (Level may little change with time).
If it can give weekly closing above 7780 then we can witness solid bounce in Nifty to the tune of 10-15% in the time to come provided the level is hold. Its a very key level above which the scenario can change dramatically on the positive side..
This is not an easy level to cross. We are very much near to it however still far from it. What can take it above is the key question & right now the Brahmasthra seems to be with Mr.Rajan which is the Rate cut. Timing matters here & the right time for rate cuts will be close to that level where it will certainly take it above the key level & I expect the same to happen.
The current upside in Nifty from 6825 to 7600+ shouldn't be underestimated as it is backed by solid FII's participation.
7777 WAS THE RECENT HIGH IT MADE. 25 BPS CUT WAS ALREADY DISCOUNTED AND ONLY 50 BPS CUT COULD HAVE TAKEN IT HIGHER. ANYWAYS AS SAID IN THE NOTE@ We are very much near to it however still far from it :)
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