Nifty Support 4850 : Target 5030

In the last post I mentioned that if the Nifty hourly close is above 4870 We can see 5000+ levels. You can check what happened to Nifty when it closed above 4870 on 26th Feb. It touched 5000 levels in no time.

Now Nifty has closed at an important level of 4920. This level provided strong resistance in the last 10 days. This level should provide a good support now. However the strong support for Nifty comes around 4850.

Check for Nifty hourly close, if it is below 4920 then we may expect 4870 level where one can go long with a Stop Loss of 4850. On the other hand if the Nifty trades above 4920 the first target is 4990 and then 5030.

The Daily trend is still down so any long should have strict stop loss of 4850. Short Nifty only around 5030 with a stop loss of 5050 on EOD basis.

Trendz

Week : Range between 4920 to 5000
Day : Down (Up above 5050)
Hour : Up (Down Below 4855)
30 Min : Up (Down Below 4855)
15 Min : Up (Down Below 4865)

Hourly close below 4910 may target 4870. Can go long with a Stop Loss of 4850.

Target for the upmove is 5030.

Pivot Point

R2 : 5055
R1 : 4989
PP : 4925
S1 : 4858
S2 : 4794

Thanks