VWAP is 5806 and volatility is 0.9. Nifty made another new high and has good support at 5775 level today and mostly traded in 5790-5828 range after making high of 5838 today.
1) Closing has been just below VWAP, so buy zone for intra day trade tomorrow can be taken between 5806-5825-5835 levels for first target of 5858-5885-5910 levels. Strict stop loss in such a scenario will be 5770.
2) Should Nifty open with gap down opening, then short positions below 5770 only with stop loss of 5795 for downside target of 5750-5715-5695.
3) The 5-DEMA has risen to 5693 now and this level needs to be watched closely as sooner or later Nifty will test the 5-DEMA level. Whether it happens after further rise of the 5DEMA needs to be seen. However, "Let trade be in direction of what a trader sees and not what he foresees". Levels are the best indicators.
No comments:
Post a Comment