Consider the above chart of Nifty.
The support level of 4800 is a crucial retracement level support and it is likely that the bulls will try to hold this.
But the Bollinger Bands ( which interalia measure volatility) are suggesting that the bears are currently in control ! Moreover the MACD is also about to go in to negative territory which can further strengthen the bears...
Resistance on the daily charts is crucial at 5100 points ( which is also near the current weeks' Pivot point resistance R1 of 5091) and unless this is surpassed, the bias will be on negative side.
A close below 4800 will further aggravate the situation!
Happy trading !
CA Rajiv D Khatlawala
1 comment:
Hi Mr Rajiv,
Though it may sound a bit out of track to have posted a reply in NIFTY analysis return but may i take the liberty to ask you on query.
1. I had bought one futures lot of IDFC and Praj at 180.40 and 218.50 for May series.
Both of them are in cosiderale loss currently.
What would you suggest at this moment?
Should i hold/average out/ roll over to next series with one more lot of both of them. I mean double the quantity.
Your help will be highly appreciated.
Thanks and regards,
Veerendra
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