Review of weekly view: Last week I planned to buy above 5300 with SL of 5280 for target of 5330 but this trade did not materialized. In bearish case scenario I planned to sell Nifty below 5260 with SL of 5295 for target of 5225 and below. This trade materialized yesterday and I'm holding short now.
Nifty Ahead: Nifty could not stay above 5300 for long and made some feeble attempt to move past important resistances. Yesterday in last hour nifty broke important support zone of 5250-5260 and closed below 5225 which makes it really weak. Staying below 5225 Nifty can target 5140-5150 zone.
Trading Plan: As per the global cue Nifty may open Gap Down and has potential to go down to 5150-5130 zone. As I'm already short I'll wait to book profit at 5140-5150 zone. I'll try to find buying opportunity (for intraday only) at this zone by looking at hourly and 5 min chart indicators. 50 day EMA stands at 5132, 38.2% retracement of move from 4728 to 5399 comes at 5143 and probable oversold hourly data are the reason behind my intraday long.
Possible Intra Trade: Buy between 5130-5140 with SL 5110 target 5175, 5195, 5205
N.B: This is my personal view. Please read disclaimer before taking any trading decision.
Nifty Ahead: Nifty could not stay above 5300 for long and made some feeble attempt to move past important resistances. Yesterday in last hour nifty broke important support zone of 5250-5260 and closed below 5225 which makes it really weak. Staying below 5225 Nifty can target 5140-5150 zone.
Trading Plan: As per the global cue Nifty may open Gap Down and has potential to go down to 5150-5130 zone. As I'm already short I'll wait to book profit at 5140-5150 zone. I'll try to find buying opportunity (for intraday only) at this zone by looking at hourly and 5 min chart indicators. 50 day EMA stands at 5132, 38.2% retracement of move from 4728 to 5399 comes at 5143 and probable oversold hourly data are the reason behind my intraday long.
Possible Intra Trade: Buy between 5130-5140 with SL 5110 target 5175, 5195, 5205
N.B: This is my personal view. Please read disclaimer before taking any trading decision.
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