Morning Mantra for 12'th Feb 2014 sent to paid clients

Nifty future closed 6060 on 11^th Feb 2014 down up 13 point. Yesterday Nifty future made a high 6095 and low of 6066. SGX nifty up by 40 points at 6114. American and European market closed positive up approx  1% and Asian trading positive on statement of Jannet yallen regarding package of QE3 and liquidity in the system.

Today we expect nifty to take support around 6050 at lower level And resistance around 6097,6124. Today we have positive trend in the market as per chart. As per our calendar we have a green color today which means we have positive closing today. After gap up opening in nifty, Nifty will find strong resistance between 6120 to 6140. Traders who taken carry forward position in tatasteel stock on back of good result can book profit in gap up opening or keep suitable stop losses (Weekly outlook of Sunday).

In nifty future who taken carry forward position after looking our calendar or charts can book profit between 6115 to 6135 or keep trailing stop loss. We are positive for throughout day it make no sense to make fresh entry in all resistance zone between 6120 to 6150 (6120,6135,6150). We have events lying of Rail budget vote on account, CPI & IIP data end of day. Further we have mixed trend for today and tomorrow. So risk reword in new entry at higher level is not favorable however aggressive traders can trade for margin gains.

NIFTY INTRADAY SCIENTIFIC CHART 12'th Feb 2014
(Expected to happen during market timing)

Please do not carry forward any long or major position today ahead of all the data or be light in positions.

Thanks & Regards

Nishant Jani

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