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Nifty Update

Nifty Update : 18-11-2013

1.On 14-11-2013 we recommended to carry long if nifty closes at or above 6057 and  it did give the exact close.
2.Our rationale behind carrying the long position was Game changer hammer on 60 minutes time frame .
3.We may find resistance at 6202 -6211as 61.8% according to Fibonacci retracement .
4. As of now one can hold long position with 6154 as trialing sl on closing basis .
5.We are also facing channel  resistance on 60 min time frame ,but nifty may find too many support on lower level.
6.Nifty may find support at 6165-6155 below which it may test 6133-6080
7. Resistance at 6202 -6207 above which it may test 6219-6243

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