NIFTY took support at blue line as expected. Now the possibilities for next course of movements given below:-
1. One may take long around 5820-5830 level with SL of 5795 for target of 5860/5880/5895 levels. Once nifty starts trading above 5895 it may move upto 5915. This trade possibility is limited to intraday only unless nifty closes above 5890.
2. Sell the rise should be the strategy of positional traders as NIFTY has given selling signals. Depending upon above mentioned intraday trade setup one may try to sell NIFTY near high (i.e 5880-5895) with SL around 5920 intraday basis and 5895 closing basis.
In my opinion we may see sub 5600 levels before seeing 5950 level. Rest market is supreme and I have every right to be wrong.
1. One may take long around 5820-5830 level with SL of 5795 for target of 5860/5880/5895 levels. Once nifty starts trading above 5895 it may move upto 5915. This trade possibility is limited to intraday only unless nifty closes above 5890.
2. Sell the rise should be the strategy of positional traders as NIFTY has given selling signals. Depending upon above mentioned intraday trade setup one may try to sell NIFTY near high (i.e 5880-5895) with SL around 5920 intraday basis and 5895 closing basis.
In my opinion we may see sub 5600 levels before seeing 5950 level. Rest market is supreme and I have every right to be wrong.
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