Flirt With Nifty

Nifty : [4250]Nifty has been rallying from the previous bottom level of 3799. Although Nifty has almost rallied by 450 points, its important to note that it has not managed to effect any advance breakout on the momentum indicators. Up targets are at 4268-4325. It is also to be noted that the longterm downtrend is placed at 4410. Thus it is advisable to sell and book profits in the range of 4268-4325. Do not initiate fresh long unless Nifty closes above 4410. Alternatively, a short may be suggested in the range of 4325-4410 with a stop above 4420.