This week NIFTY saw breakout in price supported by huge volume. Those who follow our NiftyPulse Page and Marketpulse S&P Group in Facebook are well prepared for this decent up-move not only in NIFTY but also in stocks like LT, SBIN, IDFC, IDBI, RELINFRA and many more.
Now the important question that comes in our mind, is the euphoric up-move in NIFTY strong enough to last long?
If yes, then what should be the target for the up-move?
After 7 weeks of consolidation, NIFTY broken out of channel. This up-move is going to stay for few weeks more although at higher level it may show some weakness.
The major resistance levels are highlighted with thin red lines (see candle stick chart). Nifty will correct in short T/F and those levels should be used to Buy. We suggest to book part profit at regular interval.
Buy the dip and book profit at high should be the strategy for the week. Do not short until chart shows clear reversal sign.
Important levels at higher side are 5910/5930/5950/5980/6045/6080/6145
Stay connected for profitable trade set-up.
Wish you happy trading!!!
Now the important question that comes in our mind, is the euphoric up-move in NIFTY strong enough to last long?
If yes, then what should be the target for the up-move?
After 7 weeks of consolidation, NIFTY broken out of channel. This up-move is going to stay for few weeks more although at higher level it may show some weakness.
The major resistance levels are highlighted with thin red lines (see candle stick chart). Nifty will correct in short T/F and those levels should be used to Buy. We suggest to book part profit at regular interval.
Buy the dip and book profit at high should be the strategy for the week. Do not short until chart shows clear reversal sign.
Important levels at higher side are 5910/5930/5950/5980/6045/6080/6145
Stay connected for profitable trade set-up.
Wish you happy trading!!!
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