I have been expecting some sort
of price correction in nifty before further up move happens. I gave a sell call
in my previous post on 13th June 2014,
when nifty was trading at 7545 levels.
Nifty hardly fell 100 points from there to make a low of 7421 and had
bounced back to make a high of 7558.
It seems that nifty will break
above the downward sliding channel and move up towards 8200 levels and we will witness a swift and sharp
pre budget rally.
Summary:-
1.
Get long on nifty at current levels (7558)
2.
Keep a stop loss of 7400
3.
Target for nifty is 8200+
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