the given nifty spot chart is self explanatory.
i had given a hint in last post that one can go long/hold long above 5490-5500 closing for about 200+ point upmove.
but nifty was extremely bullish on last friday and opened above 5500 lvl, stayed up and nearly hit the above tgt of 5664.
large net cash buying by fiis can be seen on last friday.
earlier the nifty had already broken above the falling short term trend channel as shown which had upper tgt 5664. infact in just a couple of trading sessions atleast 3 or more important brkouts have occured. now staying above previous high of 5600 it has the potential to go toward medium term resistance of 5800. if the bullishness remains and nifty sustains higher lvls then 8-10% move in midcaps and 5-8% in large caps cannot be ruled out.
but there are strong resistances like 200dsma at 5688 and 100dsma currently near 5750. the resistance zone is also shown on the chart. as such one should be careful here on the positional long trades and book profits/exit on any sign of weakness or reversal from this zone.
2 comments:
Hi Abhay,
I cannot zoom into your candlestick chart, kindly gimme alink where you post regularly, thanks.
Regards,
sudhin Bathija
hello sudhinji how are u, thanks for the comment. sorry i didn't realize there was a problem with the chart, i have corrected the same, pls check it out now.
regards.
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