THE DECISIVE MOVE…..

In my previous post (7-9-07) titled “Surprise to many…. The Nifty has made a good move by building the bottom and likely that could consolidate between 4353-4550 level for 10-12 trading sessions before it could test new high in future.

The markets took a decisive move today to close above 4526 level from the range bound actions are being performed for some time. The NIFTY-4359 came on 30th Aug and took 11 trading days till date and Nifty made a decent close above the resistance level. The real test for NIFTY is to open above 4556-59 level and should try to pierce the resistance of 4573-71 level in the first hour of the trade. But this can become a solace to bull so that the bears get fear in their spine to short heavily. As a strategy, the Bulls won’t take the Nifty to new highs in this run as that move could put more loads to carry the cost of buying at higher levels. So Nifty likely to retrace to 4380 level and provide excellent buying opportunities to investors.