NIFTY as expected have printed the level of 24000 on spot and have entered in its resistance zone of 24000-24150 which I discussed in 26th,june post.
As a trader if you have been long on NIFTY since 6th or 7th of june like me then this is the point to secure 75% of your profits,
No need to go short yet,
but when we discussed on a topic of RESISTANCE in a strongly trending market then thats always a point to secure max portion of profits from your trades.
Trend is still strong on price front support have shifted higher to 23750 from 23500.
So as long as level of 23750 is held buy on dipps and stay long approach would still kee working but from here prefer to chase longs with thin volumes.
On TIME front short term cycles have been bullish for NIFTY and they would continue to stay this way as long as spot manages to close above yesterdays low of 23805.
If in case INDEX register a daily close below 23805 then that would turn the cycles on opposite side which ideally would put pressure on markets and in that sinario we could see NIFTY testing levels of 23350 and 22850 on downside in coming days.
Today we have quarterly close as well along with monthly close so there would be some index edgesments in final hour of trade today.
Lets see how that goes.
broadly there is no point anticipating for a REVERSAL as long as PRICE&TIME supports are held.
So better not to waste time in that.
thats it for now.
Lets see how things goes from next week.
gann,insides 