As written in the earlier post, Nifty maintained 4350 levels but did slide below the the target line of 4388 for one day, as markets came down to meet the Sensex target (I had written that 100 points was still left in Sensex). Nevertheless, we bounced from there and bounced strong....
But, I had also said that it wont be an easy journey upwards though we will finally move to the targets mentioned in the last post. Yesterday's 150 points rally on the Nifty was quite expected as that had a very strong bullish wave in the 15 min intraday chart. In fact, I told that to many of those who were in touch with me though I didnot get the chance to write it here. But anyways, I had already given the buy signal.....
Now....lets see what happenes in the coming 2 days....
S&P 500 failed to cross the critical resistance of 1015 on the daily charts, thereby showing a slight weakness and greater sensitivity to the weaker weekly chart. Keeping that in mind and also that there is a potential danger on development of a bearish wave in the Nifty Futures daily charts, I would suggest to start booking the profits from 4680 -4700 zone but to be safe one should start covering long positions from 4650+ only.....
I am asking to book profits because a potential danger is lying ahead. Though it would be prudent to mention that the wave is only in the nascent stage but can suddenly get formed completely and take Nifty back to 4320-4340 levels from where fresh buying will again start. If, Nifty crosses 4750 then we may not look into the downside.....
But, lets be safe and trade with caution.....
Enjoy the bumpy ride.....
But, I had also said that it wont be an easy journey upwards though we will finally move to the targets mentioned in the last post. Yesterday's 150 points rally on the Nifty was quite expected as that had a very strong bullish wave in the 15 min intraday chart. In fact, I told that to many of those who were in touch with me though I didnot get the chance to write it here. But anyways, I had already given the buy signal.....
Now....lets see what happenes in the coming 2 days....
S&P 500 failed to cross the critical resistance of 1015 on the daily charts, thereby showing a slight weakness and greater sensitivity to the weaker weekly chart. Keeping that in mind and also that there is a potential danger on development of a bearish wave in the Nifty Futures daily charts, I would suggest to start booking the profits from 4680 -4700 zone but to be safe one should start covering long positions from 4650+ only.....
I am asking to book profits because a potential danger is lying ahead. Though it would be prudent to mention that the wave is only in the nascent stage but can suddenly get formed completely and take Nifty back to 4320-4340 levels from where fresh buying will again start. If, Nifty crosses 4750 then we may not look into the downside.....
But, lets be safe and trade with caution.....
Enjoy the bumpy ride.....
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