Hope You Didn't Miss the Buying Opportunity

In my last post on 17 May 2012 I had recommended a buy for Nifty at 4850 for a target of 5130. In today's trade Nifty has made a day high of 5145, thus achieving my target. I hope some, if not all, of my followers could take good trading decisions based on my predictions of trend reversal.in Indian stock market.

In my post dated 29 Apr 2012 http://archana-archdeb.blogspot.in/2012/04/get-ready-to-trade-way-ahead-for-indian.html  I had given a clarion call to traders to be ready to start trading. I had recommended to sell Nifty at 5300 level for a target of 4850, which was achieved on 16 May 2012. In fact on 18th May Nifty breached 4800 intra-day but closed at 4891. Again on 4th June Nifty breached 4800 intra-day but closed at 4848.

In the same manner I had predicted that Dow Jones will fall 1000 points to 12200 in my post on 01 May 2012 http://archana-archdeb.blogspot.in/2012/05/sell-nifty-may-futures-at-5330.html. And in first week of June 2012 Dow Jones had touched 12100 level. At the time of writing this post, Dow Jones is trading at 12547.

Coming back to Nifty and Indian markets. Nifty has completed my target of 5130, having risen from 4800 level. Now it will be prudent to watch the direction of Nifty before initiating any trade. Two clear scenarios emerge. They are as follows :-

1. If Nifty closes above 5145 then one can enter trade on the long side for a target of 5300. However there will be some selling seen at 5200, with Nifty encountering rough weather thereabouts. 
2. If Nifty closes below 5065 then one can go short in Nifty for a target of 4900, and may be 4850.

Fore-warned is fore-armed, so hope you trade well with the above information.