On Wednesday Nifty moved again in narrow range of 60 odd points closed at 5133.25.The close is above 45 degree level of 5133.The Bollinger Bands are trying to expand and the slope has turned upwards.If Nifty gathers further momentum this should push the upper band higher which is currently at 5207 from yesterday's 5201.Nifty has hit the earlier resistance zone.It has to built some momentum now and take out itself out of this zone decisively to attain this months targets.Spot Nifty is still under the Ichimoku Cloud with resistance at 5256 and 5340.
Levels to watch for intraday on Spot Nifty :No trading zone between 5115 to 5151 to avoid whipsaws.
Buy above 5151 with SL of 5136 for targets of 5169 - 5187 - 5205- 5223
Sell below 5115 with SL of 5130 for targets of 5097 - 5080 - 5062- 5044
Happy Trading !
Dear Sir,
ReplyDeleteThanx for giving us daily doses. Quite exotic and scientific! Can you give few of these analysis on lower time frame say 1Hr,5min etc. No compulsion.
Regrads
Sandeep
hi San,
ReplyDeleteThanks for your kind words.Lower time frame is risky to analyse as it can change suddenly with no reason or any reason.It is always safer to judge the trend on higher frames and then analyse for our required time frame.Regarding the method do u mean to ask Ichimoku cloud as exotic?
Regards
K B Raut
Hi Sir,
ReplyDeleteI meant for the all the articles (earlier ones too) you have published.
Thanx
Regards
Sandeep
Hi San,
ReplyDeleteThanks your kind words which will keep the fire going in me!
Regards
K B Raut
Hi San,
ReplyDeleteAlso intraday update put up as requested.The method remains same on any time frame.
Regards
K B Raut