5183 - Broken???
Yes, it has but not sustained. At this kind of levels, I always give some time. Have a look at 5 min intraday chart of NIFTY given above.
Quoting from morning updates,
"For today,once again keep an eye on 5183.There will be multiple trading supports in the down side.Like 5170 > 5150 > 5135& then 5080"
When we were @ resistance of 5339 (at that time it was 50 Dma), it has reacted like this with high at 5342.
I am using dip to cover my short.
Whats the trading resistance?
Take in a simple way - 38% (of 5342.50 to 5180.50) rise from 5180.35 = 5241
Whats the trading resistance?
Take in a simple way - 38% (of 5342.50 to 5180.50) rise from 5180.35 = 5241
As long as 5200-5180 kind of levels holds, it will be a ranging market. I am sure that I have to book one loss when market will enter in a trend.
As I am trading with small stoploss so my management will save me at that time.
Do watch - Infosys, recovering from 2198 low.
Regards,
Praveen Kumar
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