Nifty has again tested the crucial 5342 levels. We must note that on Thursday and wednesday, we got high at 5342.
From this levels,
"We need a bear gap down to see the confirmation of fall. "Bear gap down" is the gap down down which came after curtain rise and never filled up soon. Somehow it is not indicating that we will see any big dip today although we are on resistance."
I am not getting to trade long ahead of Reliance quarterly numbers. It looks that we those might not able to give cheer mode to the market.
Nifty spot- Cross over of 5342 can generate targets as 5359 and then 5379 levels. (... but chances are not for any great rise).
In the lower side, returning from 5342 can take attempt to move towards 5270.
Have a look at the 10 minutes intraday chart. I have taken the move from 5183.50 to 5342.50. Its 159 points of rise.
You must keep these three figures in your mind after breakout. These figures are given with reasoning.
5338 - 50 days moving average.
5359 - 38.20% of retrenchment from top.
5379 - Previous reversal point.
5338 - 50 days moving average.
5359 - 38.20% of retrenchment from top.
5379 - Previous reversal point.
NIFTY FUTURE: As long as stay below 5365 it can be a short trade opportunity. Only cross over of 5365 will give impulsive rise towards 5400 to 5410. Chances are lesser for those opportunities.
Place Stop loss @ 5365 and short in range of 5230-5340.
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Thanks & Regards,
Praveen Kumar
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