Today NIFTY opened gap-up, despite of negative global cues, is more of technical reason. If we look at the price action, it stayed well within the yesterday’s closing price and yesterday’s high making inside day formation. It closes at 4812.35 which is Hourly 5 EMA but below daily pivot of 4816. Daily stochastic
Nifty Ahead: Although OI data is highly favouring bears, not breaching of 4775 may insure few points to bulls. Inside day formation and closing at lower band of Bollinger Band is supporting the view also; although candle stick pattern is not sufficient enough to analyzing direction specially in highly trending market. 4860-4870 looks like good resistance, so it may get sold off from there. Next resistance is 4890-4905. Before expiry day it can go for roller coaster journey.
Possible trade: I’d like to buy nifty above 4820 with SL at 4800 for target of 4860, 4890, 4930 and sell below 4760 for the target of 4720, 4675 with SL at 4790.
No comments:
Post a Comment