Below are two charts
- Nifty daily
- Nifty weekly
Nifty daily charts indicating a breakout above 5350-70 levels, if fails to breakout or breaks out, then following may happen
- if fails to break out, may retest support around 5100-5075, break below that will make it retest 4900 levels (can happen because of govt. inaction on policy front, monsoon deficit etc.)
- if able to breakout above 5350-70 levels then expect 5500-5550 (can happen if euphoria in world markets continue)
- now above these levels nifty may march towards 5750, sustaining above that can show 5900 and even
6100(chances are small). First expect a rally towards 5500 levels, because if nifty has to move towards 6100, there will be many corrections and consolidations, so first try to book profits around 5500 levels, then enter only after confirmation of further uptrend.
-----just have an eye on support and resistance areas i have indicated and forget everything, just trade levels with strict stop losses and you will emerge as winners----
- Nifty daily
- Nifty weekly
Nifty daily charts indicating a breakout above 5350-70 levels, if fails to breakout or breaks out, then following may happen
- if fails to break out, may retest support around 5100-5075, break below that will make it retest 4900 levels (can happen because of govt. inaction on policy front, monsoon deficit etc.)
- if able to breakout above 5350-70 levels then expect 5500-5550 (can happen if euphoria in world markets continue)
- now above these levels nifty may march towards 5750, sustaining above that can show 5900 and even
6100(chances are small). First expect a rally towards 5500 levels, because if nifty has to move towards 6100, there will be many corrections and consolidations, so first try to book profits around 5500 levels, then enter only after confirmation of further uptrend.
-----just have an eye on support and resistance areas i have indicated and forget everything, just trade levels with strict stop losses and you will emerge as winners----
If in spite of weak monsoon the fiis have continued their buying even at 5200 levels and more indicates optimism of going above 5400 in near future, no question of going back to 4900, so don't wait take long positions.
ReplyDeleteI am already long since 4800 levels, booked twice, but i work on technical levels and not on optimism or pessimism, even i am optimism about nifty scaling not even 5400 but 5700 atleast, but will book close to resistances and reenter close to supports, this is my stye of trading, i keep emotions out..... remember in markets when there is too much optimism its time to sell at higher levels and when there is pessimism its time to buy.....anyways thanks for your observation...as told i am also long ....but will keep booking :)hope u also do the same
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