Nifty has broken 4913 but saved 4904. I am long on NIFTY FUT.
We have few reasons.
1. On 17 January, when we had seen a gap up then it has formed a low only at 4904.
2. This is very important to understand. Above is 5 min chart which is covering fall from 5125 to 4906 i.e till now. Focus on rise from 4988 to 5125. if we assume that it was a up wave then we have 1.618% retrenchment coming at 4905.
Hence, I am trading long although my view for short term may remains bearish.
Regards,
Praveen Kumar
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