Nifty ANALYSIS

Nifty Dropped heavily from 6358 and has made a low of 6175 till now. The Weekly channel has broken down - which is likely to lead to more falls.

 EOD belowWeek LEMA - (6161 - with present low of 6171 - would change if another low is made)  would weaken Nifty Further. An EOW above week LEMA possibly would prevent a swift fall.

50DMA is at 6190 - which may lend a support for the time being. EOD close below 50 DMA would weaken Nifty Further.

NIFTY ANALYSIS

INTRADAY UPDATE 11.00 am:

TRADE	STOPLOSS	REASON
bought @ 6200 NS on 18/12	EOD close below 6270	Trendline/Weekly channel
Partbooked at 6350 NSon 2/1/14

NIFTY ANALYSIS:
Nifty closed the Year end just above 6300 - Highest ever Month/Year closing.  6270 is a major Resistance turned support. Holding 6270-6260, nifty would scale 6400++. The next major resistance is at 6450-6470.

Decisive breaking of 6270 would be the initial step for the fall which could probably break 6000 levels.

HAPPY NEW YEAR :)

WISHING EVERYBODY A VERY VERY HAPPY NEWYEAR :)

LOOKING FORWARD FOR A SPARKLING YEAR :)