nifty has broken its high and the long term bullish rally wont just abruptly stop. Wait for the consolidation and forming of shorts. no profit booking seen at current levels. follow the marked profit booking level
Trade active:
10500 working.
Nifty has its first target reached and will face some resistance at this level. the weakness started from Nikkei has sent shivers to other markets like ASX, DAX and SNP500. While the international markets are consolidating, we can expect this level of 10500 to provide a considerable pullback.
This pullback is healthy as it will provide Nifty to gain momentum for the next leg up.