Daily Chart
Daily Chart II
Half Hourly Chart
- Inside day--indecisive day of trading, but maintained the breakout from the channel.
- Breakout from bullish flag shown on intraday charts.Pole of the flag measures 5260-5123=140 points. That gives a target of 5242+140=5380.
- Falling wedge target is 5422.
- Strong resistances around the 5300 levels shown on Daily Chart II.
Bullish breakout gives weight to the continuing of the uptrend. Inside day questions the continuation of the uptrend , requesting a break of the high of yesterday at 5260.Advance Decline line reiterates this point of view. Oscillators are strong and reached oversold zone on daily charts.The uptrend seems to have taken the shape of a rising wedge, shown on daily chart II, which is a bearish pattern
Booking partial profits would be a good idea and keep a stop loss of 5200 on longs.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
4 comments:
maam,
Any thoughts on shorting the market for the long haul ? Or is this a period for playing individual stocks instead of the whole index ?
Thx
gd
trend still up . let some signs of weakness creep in before shorting. I trade only the nifty and have a portfolio of stocks which I keep for long term so cant comment on the second half of your question
mam where can i download intraday realtime chart for trading nifty with all indicators
please visit the discussion forum u will get several answers.there was a discussion about this on this page
http://www.vipreetsafetrading.com/forum/viewtopic.php?f=7&t=301&start=20
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