Again all the targets achieved in the last week. Resistance at 4500 may become double bottom or double top. Technically it looks in the same passion but in the near term there is no such good news which may act as double bottom hence, markets will have to be viewed only in-terms of the double top at 4500. But at the same time markets already digested all the bad news which has to come in the upcoming week’s means two digit inflation, hike in interest rates announcement and high crude price etc., In general we are having both positive and negative news in balanced condition at this point of time, but “markets should not go up in the uncertain times.” This week due to pullback the slight up move might happen. So, the huge selling again come around 4650. So I prefer to go short at these levels, if nifty comes. So, the call for this week is:
If Nifty above 4600-4650 go short T1:4450 T2:4330 T3:4208 with stop loss at 4690. The risk reward ratio is very promising at going short at 4650.
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