Feb 16, 2012, 08.34 AM | Source: Moneycontrol.com
The Nifty has broken the 50% retracement at 5435 with force, which means it should continue its upward journey; the next logical target being 5650, says Technical Analyst, Mohit Gaba.
Mohit Gaba (more)
Technical Analyst, www.tradeguruforum.com | Capital Expertise: Equity - Technical
As I mentioned yesterday the Nifty is likely to break on the upside and it did exactly that today, with great force. It gaped up at open and continued to trade higher during the day, this after a seven day long trading range. I also mentioned yesterday that the Bank Nifty was leading this up move and it did exactly that too, outperforming the Nifty by 1.4%.
The Nifty has broken the 50% retracement at 5435 with force, which means it should continue its upward journey; the next logical target being 5650. Long positions should continue to be held with a stop loss at 5460, the break of which should be the first sign of weakness.
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