Daily Chart II
Half Hourly Chart
A bullish day with a little profit booking at the highs and buying at the lows, reminding one of the greater fool theory. I booked out of 75% of my longs deciding to pocket some money and feel good.
Nifty is nearing it's earlier high of 5310 and the lower trendline of the rising wedge it broke down from on the 27th of January , which offers resistance tomorrow at 5292. This may not be too easy to scale. The advance decline line too continues to remain negative not keeping up with the Nifty which is moving higher.
Nifty must remain above 5215 to continue the upmove else it will fall back into the upward rising channel from which it broke out today. Today's intraday correction took support exactly at the 23.6% retracement level of rise from 5100.Fresh longs should be ventured into only when this correction proves itself to be a consolidation and not a distribution.
Trend is up and one should only be long. Stop loss at 5180.
Happy Trading !!