16 nov: Nifty View

In Yesterday's Nifty View, it was given to look for going long near 6030/6025 region and watch for resistances near 6085/6090 and then 6115/6125 levels. Nifty made a low at 6139 levels and then faced some selling pressure at 6090 levels, before clearing it to make a high near 6128 levels. I have told this many times before and want to reiterate it here. Always place your orders at important Supports and Resistance levels only. Waiting for the right levels to come is half the battle won. After that, just believe in what the Screen is telling You. At NiftyPower, we took two trades today - The first one a short, the second one a long. Both earned us 20+ points giving a total of 40+ points for the day.

Now for tomorrow, 16 November, the movement of Nifty will tell us whether this was just a relief rally for the sharp correction that we had witnessed last week Or is there further upside left. Intraday traders watch the action near 6150/6160 levels on Nifty spot on the upside and 6085-6100 levels on the downside. Trade this range till we get a breakout/ breakdown for further moves till 6200 on the upside and 6030 on the downside. 6100 is the new battle zone for the Bulls and the Bears. It remains to be seen who wins it tomorrow.

16 Nov: Nifty spot resistance at 6120-6145-6160-6200. Support at 6100-6085-6060-6040-6030 - www.niftypower.com

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