Half Hourly Chart
Should I "copy paste" yesterday's commentary? Yes , why not? After all the Nifty traded exactly at yesterday's levels. So here goes --"copy, paste" with a comment or two added.
- The Nifty was range bound in the same range made yesterday on increasing volumes.
- The wide range since 17th Feb of 4930-4805 needs to be broken to give direction to the market.
- Oscillators still neutral.
- 20 dema resistance respected.
- Uptrendline from 4675 broken.
Nifty traded below the uptrendline/channel from 4675 all day and closed below it.This is bearish and gives a move of 160 points which is the height of the channel shown on daily charts. But a break of a trendline/channel, to give direction, should have the proper thrust which this break lacks. I would give more importance to the "range break" .
So copy paste again.
A break above 4885 will lead to test of 4930-4951 and a break below 4833 will lead to a test of 4805-4785. Follow up buying or selling beyond these levels will give a 100 point move whichever way the market breaks out.
Strategy of holding hedged longs with a stop of 4772 continues.
Happy Trading !!