Holding above 5005 , the possibility of a new high exists.
Ideal buying levels are around 4980-5010 on a gap down. However, watch the first 15 minutes range break out(ORB) and trade accordingly.
Nifty has not yet closed below 5 day avg/ema. Though booking out/exiting @ 5080-5100++ was advised on Thursday, today's range will add to that conviction. Upsides are limited to 5175. Break of 4904 will be the first confirmation for deeper correction.
US markets are positioned at the channel supports though European and Asian markets have decisively broken the trendline supports but oversold.
DL ema @ 4996 --DH ema @ 5054 are critical levels for the day.
6 comments:
hi ilango ji,
is 4904 s/l for conservative longs?
regards
rajamani
Hi..rajamani,
Conservative long, if any, the SL is 4903. I had advised exits @ 5080-5100++ due to "OB" and limited upsides. After today's trading, the SL level may rise up..
Thank you Ilango sir for ur mail and excel sheet God bless u.
THANK U SIR FOR YR UPDATES
hi ilango ,
will u plz clarify that how we define opening range brk out in todays market, with charts. it will do even after market hours.
thanx and regards.
hi Ilango
god bless u
Great work
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