NIFTY Update

NIFTY today has tested the important resistance zone of 12950 to 12970 on spot. Also we have a Gann date today so todays low becomes very critical on closing basis for the strong trend to continue. As I suggested to have a bearish view below 12600 for conservative traders in my post of previous week that level now has moved up to 12700 on spot. I earlier also posted my concerns regarding the length of this cycle which has completed its course. Still those concerns remains. But the markets had enjoyed heavy volumes since last 3 weeks. And that’s the only factor which is favourable soon volumes would also decrease gradually possibly till next week.. so we would find it tough to sustain higher. Personally not intrested on long side even we test 13100 or 13250 would look to enter longs above next monthly breakout angle of 13300 for another 7% rally from there. Till then would remain stock specific.