The current move from 4700 to the recent high of 5200+ in the Nifty is in a well defined upward corrective channel as seen on the Nifty chart.
Overhead resistance is at 5300 ( being the upper channel ) and thereafter a stronger resistance at 5400 levels.
Usually such a channels tend to get 'completed' when oscillators go in overbought zones.
Traders must watch out for the crucial support of 5100 - which , if broken should lead us to believe that the current corrective upmove is over.
Happy trading !
CA Rajiv D Khatlawala
2 comments:
Thanks for clear precise analysis!
I am pretty clear when to short on NIFTY.
Please also give targets for fall?
On break of the Channel - you may target 4950 / 4900 levels ...
Regds
Post a Comment