Book Profits

We were playing for the Target of 5180. We initiated long on 8th March at 5080. Nifty touched a high of 5168 (Nifty Future) on 12th March. Now Nifty struggles to go past 5150. Also it is trading at critical support levels, so it is better to book profits for now and wait on the sidelines till we get clear signals.


Trendz


Week : Up (Down Below 4920)
Day : Up (Down Below 4890)
Hour : Up (Down Below 5050)
30 Min : Up above 5135 and Down below 5120
15 Min : Up above 5130 and Down below 5120


If nifty opens gap up, then book profits and wait on the sidelines....


If nifty hourly close is below 5120 then it will go till 5080 then 5050.. Around 5050 - 5060 one could initiate a risky long....


Thanks

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

Support : 5030 Target: 5195

The trend is up in all timeframe. The hour charts are developing negative divergences.

Support : 5030
Daily and 15 Min chart has strong support of 5030. Below 5030 next support comes around 5005.

Target : 5195
Inverted Head and Shoulder pattern target comes around 5200. The 123.6% Fibonacci Extension comes around 5195. Hence expecting Nifty trade in the range 5030 to 5195.

Buy around 5050 and Sell around 5180.

If Nifty opens up and trades with positive bias after 30 min then one can buy with a target of 5180.

Trendz

Week: Up (Down below 4915)
Day: Up (Down below 5031)
Hour : Up (Down Below 4900)
30 Min: Up (Down Below 4965)
15 Min: Up (Down Below 5030)

Pivot Point

R2 5124
R1 5102
PP 5075
S1 5055
S2 5028

Thanks

Target Achieved. Look for shorting opportunity.

In the last post I mentioned that the target for Nifty is 5030. Nifty reached high of 5028. The daily trend is still down. A close above 5065 will reverse the daily trend to up. Hence if nifty trades near 5065 area tomorrow one can take a low risk short. If nifty trades above 5065 around 3.15 pm then one can close the position.

Trendz

Week: Up (Down below 4915)
Day: Down (Up above 5065)
Hour : Up (Down Below 4865)
30 Min: Up (Down Below 4915)
15 Min: Up (Down Below 4915)

4915 Provides a strong support. The daily chart shows overbought condition and one
must see a shorting opportunity tomorrow.

Pivot Point

R2 5065
R1 5040
PP 5005
S1 4980
S2 4945

Thanks