The Nifty index is still at a level of overbought it has not seen since 2007. Watch this market. It is still very stretched to the upside from a technical point of view.
As it stand this market looks ripe for a correction and better levels to buy, particularly for longer term players.
That said, the Parabolic-SAR, the dots below the chart action, are nicely bullish so the market is soundly underpinned from a technical perspective. The MACD lines as you can see opening and moving to the upside.
Only seldom do markets move much above or below the Bollinger lines. It is generally wise to expect the market to be restrained to the downside or upside in this case. Have a look back on this chart and you will see how rare moves outside the Bollinger bands are.
NIFTY VIEWS :- INTRADAY
RESISTANCE :- 5985 5992 6011
SUPPORT :- 5965 5958 5952
" MUST TRADED CALL "
KEEP EYE ON TATA STEEL & RELIANCE XPECTING GOOD BULL RUN .....
" HERCULES "
BUY ABV 336 SL.324 TGT 348 354 361
"HDIL "
BUY THIS STOCK AT EVERY DIP WITH SL.250 FOR HANDSOME GAINS
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