Nifty after trading below 5900 throughout the morning session was clearly without direction till 1 p.m. and negatively biased and was at the break down point of 5860. The RBI credit policy was the trigger and Nifty steadily recovered 100 points from the day's low and closes in the green. VWAP @ close is 5917. Nifty closes the weekend @ 5949.
1) A strong follow up session is required to maintain this momentum on Monday when market opens after the strong weekend close this week to confirm the support level of 5860 and close above 6085 levels.
2) If bullish momentum continues on Monday, then 5965 is the trigger to go long for target of 6020-6085-6120. Strict stop loss or reversal point will be 5930 for intra day trading.
3) Break below 5930, the lower supports that will again get tested will be at 5875-5850-5825.
4) The chart uploaded shows weekly chart of Nifty from May 25, 2010 till date. Nifty closes just above the crucial 55-DEMA level of 5943 after 145 sessions from the low of 4787 on May 25, 2010 in 30 weeks. Happy weekend! Happy trading!
No comments:
Post a Comment