Hi All,
Nifty long call initiated near 8560-75 was trailed stopped out below 8630, however, earlier it saw a nice movement of more than 3% from the lows of 8500 to 8740.
Now, after consolidating in a tight range of less than 100 points for almost a week, Nifty gives yet another ray of hope for Bulls,
On hourly charts, Nifty has given a Hammer pattern with a RSI divergence, which will get confirmed only above 8645-50.
Trades can go long only and only above 8645-50 with SL below 8590 with targets of 8680-8700-8740... The only concern for the trade is the Gap down opening for Nifty today, hence strict stop losses are advisable....
Cheers
Hrishi
Nifty long call initiated near 8560-75 was trailed stopped out below 8630, however, earlier it saw a nice movement of more than 3% from the lows of 8500 to 8740.
Now, after consolidating in a tight range of less than 100 points for almost a week, Nifty gives yet another ray of hope for Bulls,
On hourly charts, Nifty has given a Hammer pattern with a RSI divergence, which will get confirmed only above 8645-50.
Trades can go long only and only above 8645-50 with SL below 8590 with targets of 8680-8700-8740... The only concern for the trade is the Gap down opening for Nifty today, hence strict stop losses are advisable....
Cheers
Hrishi
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