From Technical Desk of EMKAY AND MY VIEWS

Hi friends,

Good Morning.

EMKAY SAYS:


 "Yesterday Nifty opened with a downside gap below the support of 5600 on the back of negative global cues and continued its southbound journey. It took support near to 5500 mark and after making a low of 5496; it finally closed at 5526 with a loss of 1.60%. The Advance Decline ratio was almost 1:3. Nifty has already corrected 38.20% of the recent rally from 5195 to 5740, now it has support at 5468, which is 50% retracement level. But one should use this correction as a good buying opportunity as the main trend is bullish, we maintain our target 6015. However the short term support remains 5177 for Nifty."

However, I feel that the long term trend of the market is not bullish, it is in consolidation, it remains in the range of 17300-19300 since long and if it breaks the lower range which is more likely according to me, it will touch 15900 also.

One has to be careful in buying new. Must remain very stock specific and keep booking profits on either long or short. Yet time to start investing as market is tending to go down.

More later,

Regards,

Jagruti.