5123 - 5178 - 5232 - 5323 - 5497
In this move nifty was resisted at 4936(lows of 09/08 and 18/08) on first day and at 5016(low of 16/08) on second day.Expected resistances are 5054 (lows of 08/08 and 12/08), 5177 (lows of 11/02 and 12/08), 5195 (low of 20/06) and 5323 (low of 24/02 and 25/02).If the gap between 5194 and 5323 is filled convincingly then 5497 (low of 11/07) may also be possible.This levels can be used to book profits on intraday basis as when the level comes.The level of 4936 is to be watched as first signal of caution for this move.This level may be breached on intraday basis or in a dip but should close above it in a day or two for the move to be sustained.This level of 4936 can be used by traders for entry who have missed out the rally if it comes with stop loss of 4910.
Happy Trading!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.