Buy
Dips, Bet for follow through!
Date: 22nd April 2013
I wrote in write up of last week that time is to buy Nifty.
Asked to buy above 5610 or at any P&F double top signal for tick of 5800.
And Nifty got the task even in truncated week. I said that it is not always
advisable to buy double top in down trend but base is formed and so opportunity
is affordable.
10 box Point and Figure Charts of Nifty for this week are
shown in Figure 1 and 2 below. Overall trend is still down and Nifty resistance
from here is around 5850 – 5870. Fresh long trades can be taken on dips that
makes higher low or subsequent double top buy. I would bet for follow through
of this rally. Crucial support levels are marked around 5680 – 5720 levels.
Figure 1: Nifty 10 x 3 Cl Point and Figure
Chart
Figure 2: Nifty 10 x 3 HL Point and Figure
Chart
- -
Prashant
Shah
Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The readers of this material should take their own professional advice before acting on this information.
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The readers of this material should take their own professional advice before acting on this information.
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