- If price gives a breakout above 4800 Bulls need support from 50 Day SMA. Breaking above 50 Day SMA will give a larger up move.
- Getting resisted near 50 Day SMA will give an opportunity to go short.
- Bulls will be weak below 20 Day SMA. Bears will be strong below 4588.
Dear San,
ReplyDeleteYour third i.e. Nifty Daily chart is important and interesting for me when,now NF has O.I. just around 2.04 CR.
From very short term opportunistic trading point of view it is not comfortable for me to go long is my personal view.On the contrary if,like yesterday last Hr. trading,from here onwards if Nifty shall try to cross 4800 hurriedly then it would be nothing but best shorting opportunity for sellers to go short @ comfortable higher level i.e. around & between 4820-4850 zone.
Let me clear,Weekly & Monthly charts are not favoring such type of trade,so not advisable for positional traders but more consolidation is required for better up side from here,if there is any is my own feeling at this moment.Let us see.. because only price & Volume have capacity to decide the exact Market undertone.
@mynac
ReplyDeleteThanks for your Views
Dear San,
ReplyDeleteAccording to my analysis, the fifth wave of down move is still pending, so probability of gap down is highly possible and, after that the 61.8 % retrenchment in up side of recent total down move is very highly Possible
Let us see on Monday.
ReplyDelete