2.30PM:-4740 Resistance reached and reacting....Moving past 4750 will confirm this uptrend.
Nifty attempted to stay above 4700 thrice and has been sold off..Minor support @ 4650 below which 4635. Still it is a range trading market.
Sell level @ 4715-4740 came in the morning.And the support levels are approaching now for the day..
"IT Index" which has run up in a big way the last three days has shown distinct weakness since morning is dragging Nifty down..
7 comments:
sir can we take this as clear breakout or more sessional closing above 4730 needed...we have achieved highs with yet another bear trap...
Hi..Shaq,
A close above the previous high of 4727 is considered a firm signal of a break out. These are complex corrective moves. Market can do a correction here and then continue the upmove.
Conservative trade: Comfortably holding longs.
Aggressive trade: Got some good levels to initiate sells & buys..
4715 sold, bought 4650
4650 bought, sold 4740
4740 sold & holding
Best regards.
ilango
sir, can we go long above 4750 and if so what wud be the tgt and s/l if go long above 4750.
Regards
Ekta
Thanks for the reply sir...interesting half hr ahead..lets watch it
Hi..Ekta,
"4750" is just a filter level. Clearing the previous high @ 4727 is achieved.
As daily is in uptrend, the positional can stay long.
But for playing very short term trades, use some strict SL..
Target: there are many..4700-4750 has been a major resistance. Clearing the same will have upsides of 4900-4950 initially.
Best regards.
ilango
4900/5000 sir, without any correction? holding puts..
S&R according to nifty spot level.
Regards
Hi..Sujatha,
Fate of "PUTS" is really going to be at the mercy of world mkts.
Negative divergences continue...in hour charts..
The conservative trade is quite unmindful of these developments..While the aggressive trade has to sweat it out.
Now let us wait for monday morning and you go ahead and enjoy your weekend..
Best regards.
ilango
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