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In my last post I had mentioned 5630 and 5548 as probable supports for Nifty (spot) and as we moved up from 5567 and crossed 5625 following chart was posted:
.PNG)
And day's high was made at 5666 and then it turned back.
A closing above 5616 would have led me to say that an intermediate low has been made at 5567 but now making that statement would not be prudent.
Bulls can take Nifty to 5700+ levels vide following pattern
.png)
It envisages upmove 5567-5666=99 getting retraced by upto 88.6% targeting 5578( other targets being 78.6%=5588 and 61.8%=5605(done)] and then moving up again.
Stop-loss for longs created on this set-up would be 5566.
If 5566 is breached I would look for going long again at 99x1.13=5554 and 99x1.27=5540
However, these longs( on breach of 5567 to the down) would be made only after ascertaining a stop-loss which would be derived at only after observing the charts at that point in time.
In my last post I had mentioned 5630 and 5548 as probable supports for Nifty (spot) and as we moved up from 5567 and crossed 5625 following chart was posted:
.PNG)
And day's high was made at 5666 and then it turned back.
A closing above 5616 would have led me to say that an intermediate low has been made at 5567 but now making that statement would not be prudent.
Bulls can take Nifty to 5700+ levels vide following pattern
.png)
Stop-loss for longs created on this set-up would be 5566.
If 5566 is breached I would look for going long again at 99x1.13=5554 and 99x1.27=5540
However, these longs( on breach of 5567 to the down) would be made only after ascertaining a stop-loss which would be derived at only after observing the charts at that point in time.
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