Support: 4850 is big time crucial as a ABC corrective is ending there and also the 23.6RT of the entire 4531-4947 move and the trend line pivotal zone for nifty on hourly as well. Holding this some longs can surely be initiated. Below that further weakness can bring 4820-4795. Further violation can very well bring 4755-4710 and decide the further moves.
Resistances: The main hurdle lies between 4908-4922, a break above that can be a early indications of the impending breakout above 4940 zone. Once broken, Nifty can easily shoot up to 5000/05-50055/60 zone as discussed.
So, shall i stay in short if nifty close below 4940 level?
ReplyDeleteRegards
PS : Today "ORB" is up, will it retained upto closing hrs?
hi sujatha, Nifty not showing any weakness as trading comfortably above 4910/20 zone, will interested to buy at that zone if comes rather than going short. 5000-5060 looks very much possible.
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ReplyDeleteQuote of the day : "4850 is big time crucial as a ABC corrective is ending there and also the 23.6RT of the entire 4531-4947 move and the trend line pivotal zone for nifty on hourly as well. Holding this some longs can surely be initiated." ... thank you so much and I am loving it.
ReplyDeletethanx but as we are nearing 5005-5060 as discussed book some ur long or trail properly. safe trading.
ReplyDeleteSatyam , point blank question to u , do u think nifty will scale ahead of 5182 , the high made in october this year ?
ReplyDeleteReading your previous 60 days blogs and am quite impressed the way u had stressed that 5165/75 is the top ... Now that's the reason I re ask u , what to u think nifty can test this year on the upside to the max ? A reply on this blog would b appreciated ...
ReplyDeleteHi alnesh,
ReplyDeleteThanks to you for going so deep into the blog's posts. As I kept on saying that 5165/73 can be a intermediate top and we did so. I will still take as it comes and as of now 5060 is main hurdle for coming session, a violation of that can put on another challenge to cross 5165-5220. Above that i may play for another 250-300 points which will near 5500 mark, there can so many alteration of the moves and folds during the journey and in stead of betting on the higher side of nifty , I will like to conclude in this way, "Nifty uptrend is intact for newer highs in coming days as long as 4050 is holding on the chart." Of course corrections of medium against the main long up trend may set in in between.