Heading towards the Target

In the last post I mentioned to go long around 5050 levels, Nifty opened gap up and traded flat in the range 5115 to 5095. The break out from the range was on the downside which took Nifty to 5070. It tested 5070 few times before heading to 5100. We entered Nifty at 5080. After touching 5100 in last hour of trade, it closed at 5088.

Keep a stop loss of 5030 for the target of 5180. Considering the fact that US and Europe closed in green, Nifty should be able to touch the target quite easily.

Trendz

Week: Up (Down below 4930)
Day: Up (Down below 5030)
Hour : Up (Down Below 4965)
30 Min: Up (Down Below 5000)
15 Min: Up (Down Below 5080)

Pivot Point

R2 5142
R1 5115
PP 5092
S1 5065
S2 5042

Thanks