The Nifty tomorrow , can surprise every one, it can either move to its first major resistance level of 6140 to 6150, this is provided that the Finance Minister does not come up with some nasty surprise which can take the Index down from the near 6100 level, and could see us back to the sub 6000 level.
The trend changer happens at 6060 level , and if it stays above this level then we could see it moving strongly towards the 6120 then 6140 level.Once we have the monday event done with and no surprise is given then we need to see the external or global cues, the two major ones would be the S&P index and the Hangseng index. The S&P should continue its journey towards 1850 and if it holds then we could see 1900 and 1920 levels.As for the Hangseng could rise by another 400 points and then may do a pull back of 600 points from CMP.
Hence, will we see 6190 - 6200 around closing that is the question, and a drop from there we could see earlier lows.but then if one noticed we have closed the last three months around the 6160 to 6200 mark or there about.
My take is trade cautiously and be ready to change direction at any given time as the rise and fall can be surprising and dramatic.Volatility is an increasing day by day as we get closer to declaring elections and holding elections.
The trend changer happens at 6060 level , and if it stays above this level then we could see it moving strongly towards the 6120 then 6140 level.Once we have the monday event done with and no surprise is given then we need to see the external or global cues, the two major ones would be the S&P index and the Hangseng index. The S&P should continue its journey towards 1850 and if it holds then we could see 1900 and 1920 levels.As for the Hangseng could rise by another 400 points and then may do a pull back of 600 points from CMP.
Hence, will we see 6190 - 6200 around closing that is the question, and a drop from there we could see earlier lows.but then if one noticed we have closed the last three months around the 6160 to 6200 mark or there about.
My take is trade cautiously and be ready to change direction at any given time as the rise and fall can be surprising and dramatic.Volatility is an increasing day by day as we get closer to declaring elections and holding elections.