As predicted in earlier editions of this newsletter, the Nifty did break down today and found support near our support level of 6150. With two trendlines converging at this level, the support becomes stronger. Though, we are in a short term downtrend now, but, at this moment, it seems unlikely that the Nifty will break through this level. It has already been mentioned that we should ignore the movements of the first half hour of the market because that is driven more by what happens in American and Asian markets rather than the Indian situation. However, if this level of 6150 is to break, then it would make the Nifty cheaper by another couple of hundred rupees.
No other stocks analysed today.
Happy investing!!!
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