NIFTY EVEN AFTER FIVE CONSECUTIVE DAYS OF RISE STILL LOOKS BULLISH AND AT THE WORST CASE THERE MIGHT BE A MILD CORRECTION OR A FLAT PAUSE BEFORE IT MOVES UP TO ENCOUNTER THE MAJOR RESISTANCE LINE AROUND 6000 LEVELS AS CAN BE SEEN IN THE CHART OF SPOT NIFTY ABOVE. AN INTRADAY DECLINE TOWARDS THE LOWS OF WEDNESDAY AROUND 5838 TO 5828 SPOT MAY BE USED TO BUY WITH A STOP LOSS BELOW THIS CRITICAL ZONE TO REVERT TO SHORTING SHOULD SPOT NIFTY SLIDES AND MORE IMPORTANTLY CLOSES A 30 MINUTE CANDLE BELOW 5838 TO 5828 CRITICAL ZONE WHERE ALSO REMAINS THE BEARS BEST FRIEND THE 200 DAY SMA. SIMILARLY SUSTAINING ABOVE WEDNESDAY’S HIGH OF 5924 SPOT BY CLOSING A 30 MINUTE CANDLE ABOVE IT MAY SEE ANOTHER SHARP MOVE. A FAILURE TO SUSTAIN ABOVE 5924 CAN SEE SUDDEN INTRADAY FALL.
A SLIDE BELOW 5885 SPOT MAY BE THE INITIAL SIGNAL OF WEAKNESS IN NIFTY THAT MAY SEE NEXT SUPPORT AROUND 5865 FOLLOWED BY A DIVE TOWARDS THE 200 DAY SMA WITHIN THE CRITICAL ZONE OF 5838 TO 5828 SPOT NIFTY LEVELS. FOR INTRADAY TRADING OF NIFTY FUTURES, IT FINDS INITIAL SUPPORT AROUND 5913 TO 5903 FUTURE LEVELS BELOW WHICH ONE MAY EXPECT 5885 FOLLOWED BY 5871 & THEN 5860 TO 5851 THAT WAS THE LOW OF WEDNESDAY. SUSTAINING BELOW 5900 FOLLOWED BY 5880 MAY ENCOURAGE GOOD INTRADAY SHORTING TO SEE LOWER LEVELS OF 5850 FOLLOWED BY 5820 TO 5815 FUTURE LEVELS. SIMILARLY ON THE HIGHER SIDE EXPECT INITIAL RESISTANCE AROUND 5949 FOLLOWED BY 5966 & THEN 5979. SUSTAINING ABOVE 5979 TO 5989 BY CLOSING A 30 MINUTE CANDLE MAY SEE MUCH HIGHER LEVELS TOWARDS 5995 FOLLOWED BY 6006 TO 6016 TO EVEN EYE FOR 6050 FUTURE LEVELS IN A DAY OR TWO ALTHOUGH SHORTERS MAY TRY TO SHORT AROUND 6000 SPOT LEVELS BY HAVING A STOP LOSS AT A DISTANCE AWAY FROM 6000 SPOT NIFTY LEVELS.
A SLIDE BELOW 5885 SPOT MAY BE THE INITIAL SIGNAL OF WEAKNESS IN NIFTY THAT MAY SEE NEXT SUPPORT AROUND 5865 FOLLOWED BY A DIVE TOWARDS THE 200 DAY SMA WITHIN THE CRITICAL ZONE OF 5838 TO 5828 SPOT NIFTY LEVELS. FOR INTRADAY TRADING OF NIFTY FUTURES, IT FINDS INITIAL SUPPORT AROUND 5913 TO 5903 FUTURE LEVELS BELOW WHICH ONE MAY EXPECT 5885 FOLLOWED BY 5871 & THEN 5860 TO 5851 THAT WAS THE LOW OF WEDNESDAY. SUSTAINING BELOW 5900 FOLLOWED BY 5880 MAY ENCOURAGE GOOD INTRADAY SHORTING TO SEE LOWER LEVELS OF 5850 FOLLOWED BY 5820 TO 5815 FUTURE LEVELS. SIMILARLY ON THE HIGHER SIDE EXPECT INITIAL RESISTANCE AROUND 5949 FOLLOWED BY 5966 & THEN 5979. SUSTAINING ABOVE 5979 TO 5989 BY CLOSING A 30 MINUTE CANDLE MAY SEE MUCH HIGHER LEVELS TOWARDS 5995 FOLLOWED BY 6006 TO 6016 TO EVEN EYE FOR 6050 FUTURE LEVELS IN A DAY OR TWO ALTHOUGH SHORTERS MAY TRY TO SHORT AROUND 6000 SPOT LEVELS BY HAVING A STOP LOSS AT A DISTANCE AWAY FROM 6000 SPOT NIFTY LEVELS.
No comments:
Post a Comment