Expect sideways, Shut the terminal if it trades below 5760!!

Expect sideways, Shut the terminal if it trades below 5760!!
Date: 8^st July 2013

Nifty remained positive last week. Recommended to avoid shorts and buy correctives which has worked well. Nifty saw the bottom of 5760 to test 5900 again. Formation of X to P&F traders triggered a nice trade.

Significant anchor point suggests resistance at 5900. And that is not making longs affordable at the moment. Buy only if it goes above 5900 from here and apply aggressive exits.

I expect some price consolidation and sideways market during this week. Shut the terminals if it goes below 5760.

Figure 1: Nifty 10 x 3 CL Point and Figure Chart

Figure 2: Nifty 10 x 3 HL Point and Figure Chart

-          - Prashant Shah

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