POSTED BY: SACHIN S. JAMBOLIKAR.
As advised the last week Nifty had given up all its gains it has collected,and unfortunately the interim Bear phase rally has fizzled out more earlier than anticipated thus making a lower Highs again at 2950,100 Pts. Lower than its last high of 3150 shown before the Satyam saga got unfolded indicating once again that we are much more in Bear market.
Further Nifty is lying on a very thin trendline where it can show a breakout on either side but predominantly as per my thought Nifty will breakout on the higher side as it is very much oversold at the moment so a short covering rally can be just round the corner,targets can be maintained at 2790-2820-2850.Having said that this very short term bull run should not be misunderstood but to be very much used as an ideal opportunity for shorting considering a broarder stop of 2910.
Nifty is very very weak at the moment and the breakout on the downside may breach all the supports on the downside and may reach 2650-2550-2450.However Nifty has a very strong support at 2670-2680 levels but breaching the same on the downside may well open doors for deep wound and Nifty may even register a new Low in March.
HAPPY INVESTING.
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