A perfect gap up open above 4900 and sustaining to close at highs after testing high of 4975 on the upside and closes @ 4967. VWAP @ close is 4963.
1) Now everything is green on the board and volumes have increased today. A steady climb towards 5020-5075 is the immediate target. The result of index heavy weight RIL will be watched for very closely on January 20th by the market for cues to go higher than 5075+ next week. Long positions only above 4965 for targets of 5010-5075.
2) Below 4890, Nifty will be weak and could once again test support of 4835.
3) The last 11 sessions have been very good for longs aided mainly by an appreciating INR, result season expectations. The level of 5-EMA/SMA have been strong support points in this run from low of 4588 on Jan 2nd to high of 4975 today. Happy trading :)
No comments:
Post a Comment