First sorry for the discontinuation. Went out for a trip and supposed to get back early morning, well before market starts. But a lengthy arrival delay of the train messed it up.
Now as market just bounced exactly from 4940 as discussed number of times before it did really happen (low made 4938), showed some real bull power to take out menacing 5180. And as discussed on previous post, 5230 was the immediate target after breaking 5180 on the upside, made a high of 5124 on last session. Now indeed 5230-35 is a tricky place, but the BO above 5180 will make all these fall an intra dip as of now.
Going back again to my 20th july post..... 5220 and aggressive target 5540 was discussed.
Supports: Uptrend is live and kinking and every previous top and bottom is acting as demand zone. For coming session 5170/73 will be crucial from intra day perspective. Below that 5145 will be the place to get into the buy side. But below that 5115 can come in no time and further break down can confirm short term reversal.
Resistances: As discussed, 5230 remains the same. Though sustaining above 5215 can bring momentum to break that level, but will be comfortable taking long above 5235 zone. Above that 5295-5335/40 are very likely the next targets on the upside.
It can pause a bit before a speedy move. Shorting on the upside and covering it in a dip while going long can be a ideal strategy.
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