VWAP is 5591.65 and volatility is 0.77. Nifty traded most of today between 5577 to 5610 and did not break 5565 exit point for longs and closed @ 5607.85 (highest close of 2010) with futures trading at 10 points discount.
1) On upside today Nifty has faced resistance between 5615 to 5625 levels and could not go above these levels. Based on this observation, it is best to go long only above 5620 levels with a strict stop loss of 5600 for a target of 5650-5690. Only short covering before the long weekend will take Nifty up tomorrow.
2) Intra day short can be initiated only on break of 5572 levels with strict stop loss of 5600.
3) For the up move to continue a firm close of Nifty above 5650 on closing basis tomorrow will indicate a bigger move towards 5750 over the next week two weeks.
No comments:
Post a Comment