Trend is up with support at 6640. Considering yesterday's rally, a sideways movement of 1-2 days is perfectly in order.
So unless markets break this level in 2 days, I will not consider any sort of trend reversal.
This is not a market for shorting so keep buying the dips. I am saying this because I am getting desperate calls from people who are shorting from 6200 levels and do not believe in stoploss. Now they are paying (very rightly) for their follies.
I have no target for this rally... 7200 is the nearest Fibonacci resistance level... after that who knows and who cares. Just follow the trend which is up right now and hold all positions with a trailing stoploss.
So unless markets break this level in 2 days, I will not consider any sort of trend reversal.
This is not a market for shorting so keep buying the dips. I am saying this because I am getting desperate calls from people who are shorting from 6200 levels and do not believe in stoploss. Now they are paying (very rightly) for their follies.
I have no target for this rally... 7200 is the nearest Fibonacci resistance level... after that who knows and who cares. Just follow the trend which is up right now and hold all positions with a trailing stoploss.
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