On Friday Nifty future made a high of 5414
and low of 5382
and finally closed at 5407 approx.
As told in last post "Now for tomorrow keep an eye on 5380-75 on nifty future breach below that will take it to 5355."
Also " Below 5420 will show weakness towards 5400-5380"
It never breached this level and reversed from 5382, but could not sustain at higher levels though.
I gave an intra day call to short sell Nifty future at 5410-15 and it kissed first target 5385.
As told in last post also that i would like to buy Nifty towards 5375-55, i bought some quantity at 5380-90 levels.
Now What Next?
Now for Monday keep an eye on 5422, above this nifty will zoom to kiss 5340-50 and then more power above 5457. Now suppose it sustains above 5457 for 10 mins then expect 5470-5500 in hrs or days to come.
A word of caution: Although technically Nifty's charts are very bullish, but i don't think much has happened in fundamentals to drive nifty to 6300 levels yet. So be cautious do not be over bullish, use trailing stop losses to protect profit.
Although if Govt. shows some willingness to carry out pending work on policy front. We may see nifty close to 5800-6000 levels in October-November.
Now Levels are:
For very short term :
Support at: 5380-5365-5347
Resistance at : 5440-5459-5480
For medium term :
Support : 5340-5320-5290
Resistance : 5480-5500-5530-5550
Below is the daily chart:
RANVIR SINGH
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