On the way to 5850....

Provided the hurdle of the psychological mark of 5850 is crossed.... Nifty is all set to bounce back till 5850-60 levels.... Which is the resistance areas and also the 20DMA....

After giving a Buy call based on a Mean reversion strategy yesterday Nifty rallied almost by around 2% and closed today near 5784....

Strategy is to hold longs with trail SL below the Cost....

Levels to watch out for......

Supports - 5720-5700-5650-40
Resistances - 5800-5860-5880....

Nifty... Trying to climb further!!!!

Hi All,

Nifty after giving a strong opening today, is now trading comfortably above 5740.... If it sustains above 5760-65 levels one can expect a further up-move till 5800-5850.... As along with hourly charts (see the image for yesterday's post) it also showed some bullishness in Daily charts as well.....

Interestingly Nifty is also trading near it 40 Weekly average of 5600-5650.....

As suggested earlier.... book part profits and trail your stop loss @ your cost going forward...

I would like to reiterate that breaking the 5640 levels and sustaining  below it could take Nifty further down till 5550-5500 levels...



Cheers

Hrishi

Hope Fulfilled..... !!!

Hi All,

As per yesterday's post (http://www.blogger.com/blogger.g?blogID=289801391276761356#editor/target=post;postID=3484888827111070496;onPublishedMenu=overview;onClosedMenu=overview;postNum=0;src=postname)

As Expected, Nifty bounced back from the lows and opened higher today. It is now trading near its resistances of 5740. Conservatively we can book part part profits and trail SL at cost....


 Cheers

Happy Trading!!!