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Thursday, 6 February 2014

Nifty February 2014 series analysis forecast for 7 feb 2014 - 6 february 2014

Hi,

Nifty analysis for 6 Feb 2014

Today Nifty started on a happier note and after moving towards 6045 - 6060 fell sharply. This fall might have come as a surprise to some but if you are an ardent follower of TrackNifty, then you should be knowing that on 5th Feb 2014 we wrote that one should exercise caution near 6060. 
Read this post : http://blog.tracknifty.com/2014/02/nifty-february-2014-series-analysis_5.html

We have also mentioned in our February 2014 forecast that time band from 5-12 February 2014 should be wild. If you haven't read it, please read it : 
http://nifty-forecast.tracknifty.com/2014/01/nifty-forecast-for-january-2014_30.html

Today was just second day and wild swing was evident. We were prepared for this and so mentioned to exit near 6060. 

Today FII + DII were net buyers in equity segment, but FIIs are now in selling mode as their buying indicator is weak now. In derivative segment FII bought stock futures and sold index futures. 

Today again Nifty tested 5968 level , as we mentioned in our sell call 
http://nifty-trade.tracknifty.com/2014/01/nifty-february-2014-series-trade-2-31.html

When Nifty was down today in the morning session, we gave a trading idea to sell 5900 PE February 2014 series 
http://nifty-trade.tracknifty.com/2014/02/nifty-february-2014-series-trade-5-6.html
Right now we are in a profit of 40% in that and we are planning to hold it for some more time.

We gave few trading ideas http://blog.tracknifty.com/2014/02/stock-ideas-for-intraday-trade.html .

HDFCBANK hits target of 648 today after TATAMOTORS. Now only ICICIBANK is lagging. Tomorrow it should hit target of 1004 too. 

Nifty february 2014 outlook forecast for 7 february 2014

Now that Nifty has tested 5968 multiple times and closed above 6000, so it is now inching towards 6100. If you are following our advice then you must be holding long positions. Tomorrow is a good day for longs. 

Advice for traders

Traders should try to book partial profit or exit completely near 6070 - 6084 spot and if Nifty retraces like today, enter again. If Nifty doesn't retrace no issues, wait for next week for more opportunities. Remember we are in a time band of wild swings and today we have seen that. 

Buy ICICIBANK for target of 1004 tomorrow at market open. Putting bulk orders in BANKING, IT, REALTY stocks before market opens is a very good strategy for tomorrow.

Our time forecast is acting like a hedging tool for us and we are able to control surprises thrown by the markets to a great extent. 

Cheers !

Anjum S Khan
admin@tracknifty.com
Admin/Analyst
TrackNifty.com