Yesterday we have asked our readers to rollover the long positions of nifty future to July series. However we were not sure when the bounce will come, but today we have seen gap-up opening. Those who missed to enter long in nifty, need to wait here for a pullback towards 5200 – 5220 zone to re-enter long positions. Short term positional targets will be 5290 and 5360. Stop loss must be below 5190 zone. Previously 5200 level was a resistance and now on breaking above this resistance, 5200 level has now turned into support. See the nifty chart below:
Nifty option traders can buy nifty 5300 call option on pullback around 65-68, target will be 98 and then 116 level. Stop loss must be 5190 level of nifty July future. Traders can learn how to study charts using our Technical analysis course, call +91-9970777789 for more details. Article published on 29 June 2012.