Nifty trading strategy for may 2013
nifty spot index in last session closed at almost 6000 level.on daily chart nifty after sharp decline upto 5450 level triggered buy and short coverings as fundamental changing and hope of rate cut which is happened today.
on daily chart nifty trend and momentum now super bullish.on downside 5902 is weekly average,5780-5790 is month and 3 month average zone.nifty indicators hovering in overbought zones.
for month of may 2013,nifty 5790 on closing basis remain “buy” and on upside expect targets at 6100 and if cross that 6275.in market shorts still trapped and strategy remain buy near supports only.
if global sentiment change or as may is bad months for many markets.below 5790 on closing basis open downside targets of 5620 and then 5300 in very bad conditions!!
nifty on showing positive gains for may and 2 session given 100+ points gains in may 2013!!here 5700 is looks strong support on chart.