Hi All,
Sorry for the late update.
But as we have been discussing, Nifty broke the bulls and achieved our predicted target of 10000... However, gave a strong bounce of around 200 points from the bottom of 9950....
The bias still remains negative, with plan of action being sell on rise. any meaning full upside from hereon is only possible above 10230-10250 levels. 200 DSMA (Daily Simple Moving Average) is near 10114 and 40 WSMA (Weekly) is near 10210, a sustained close above these levels could mean a possible trend reversal.
Till then the important levels to watch out for -
Supports - 10130-10090-10040-10000-9940
Resistance - 10210-10250-10350-10450-10500
From the time Nifty created a Life time high near 11171, it has been creating a series of Lower Tops-Lower Bottoms, so 10227.30 level becomes very crucial as it is the recent top on daily charts (21st Mar 2018).
Hence, risky traders can go short with a stop loss above 10250 (based on daily price top and daily & weekly Moving Average resistance)
Cheers
Hrishi
Sorry for the late update.
But as we have been discussing, Nifty broke the bulls and achieved our predicted target of 10000... However, gave a strong bounce of around 200 points from the bottom of 9950....
The bias still remains negative, with plan of action being sell on rise. any meaning full upside from hereon is only possible above 10230-10250 levels. 200 DSMA (Daily Simple Moving Average) is near 10114 and 40 WSMA (Weekly) is near 10210, a sustained close above these levels could mean a possible trend reversal.
Till then the important levels to watch out for -
Supports - 10130-10090-10040-10000-9940
Resistance - 10210-10250-10350-10450-10500
From the time Nifty created a Life time high near 11171, it has been creating a series of Lower Tops-Lower Bottoms, so 10227.30 level becomes very crucial as it is the recent top on daily charts (21st Mar 2018).
Hence, risky traders can go short with a stop loss above 10250 (based on daily price top and daily & weekly Moving Average resistance)
Cheers
Hrishi
