The Nifty again moved on more or less the positive side and closed at 4315 , very near to my earlier short term target of 4345 given day before yesterday.
The weekly pivot point for the Nifty is at 4454 and it is likely that now it may want to test this level.
This evaluation is strengthened by the intraday charts of Nifty (not shown here) which are suggesting short term reversal pattern of the recent 6 days down trend. The target as per this intraday pattern too is at 4445 !
Tomorrow, Nifty is likely to have resistance in intraday between 4350-4380...Consider very crucial support at 4225 below which the technical structure can break...
Enjoy the counter move . . . till it lasts !!
CA Rajiv D Khatlawala
2 comments:
Sir earlier ur target was 4345+ and now you adding it to 4454. So to quit from stuck positions at higher level should we wait till 4454 or quit as we see 4345. Please Clarify.
Thnanks
book partial at 4345 level and wait for 4454 ... Also as indicated for all positions keep SL at 4225 Nifty ... which is crucial support
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