Nifty Intraday :- 6th December,2013
S&P CNX Nifty was hit hard today by Election euphoria and as well as phobia. Nifty gapped up more than 100 points in the opening trade and then crawled down the whole day, gaining a mild support at 6230 ( the earlier resistance). I do not understand much politics; but whatever I get to understand the two major political organisations of our country do not differ at all on economic policies . If there is a third combination gaining ground then everything hangs!!! Most likely one of the two major players will be in the helm of affairs next year, therefore it is hard to interpret the Euphoria & phobia attached with elections. On the economic cycle we have almost completed one cycle spanning two decades and we are poised for another cycle now within a year or two; until and unless we commit something suicidal.
On Nifty Charts Bulls have a wonderful chance to take it beyond 6330 levels from here on and stamp their supremacy for the time being on the Indian stock market. The bears had a field day today and gained more than 50 points intraday on what appears to be a bull’s day. Gap ups and down are most wonderful opportunities for intraday players. It is more joyous to gain in another’s territory!!!
Tomorrow there is long trade above 6280 on Nifty with the target of 6325. If Nifty holds 6240-50 in the first half of the day then too long could be initiated with targets of 30-40 points. Bears could place their shorts below 6230 with targets around 6190 on Nifty. There is ample scalping scope between 6235 and 6275 on both sides in tomorrow’s intraday trade.