Nifty rally is continuing keeping above 4724 which is Daily Pivot
14-RSI is still crossed halfway mark(51). This rally may continue with/without any mid-point crisis to 80+ in 14-RSI to get overbought. This should happen till this weekend or expiry. But beware of roll over crisis due to expiry. FIIs won't want to roll over at higher price if they have not done yet. 4810-4815 is also a rock solid resistance level.
(Extended to maximum, at 4880(61% fibo retrace) and 4895(WHEMA) Nifty will show heavy profit booking.)
Book profit @4810-15 level in first hour of trade.
Go long if Nifty holds 4820 after then with a SL of 4779(yesterday's close).
Go short otherwise if Nifty unable to hold 4767(Daily Pivot) level with a SL of 4820.
12-00 pm Update
Nifty Spot resisted at 4801 it seems 4800 is strong resistance.
Yesterday, "4755" held for intraday.
Today, "4767" has been holding so far. Weak below this for "Intraday".
1-30 pm Update
9-RSI is in overbought status
2-30 pm Update
"4724"-DEma; "4718"-yesterday's low-if holds these levels, day TA could give another round of upmove.
There are various trade set ups emerging at any given time. Choosing the right one gives you better risk reward.
Accordingly we chose the "Break-down at 4767 when Hour TA was fully ripe for a correction". I don't know how far the correction could last or turn to a fall.
I have continued to view this upmove as a corrective rally.
Last consumed 9 days from 4639 to 5099.
This one was expected to be smaller than that.
Also "4732" plays an important role near the month end.
TT Data has been updated.
Google Chart is posted but MT4 not posted due to server was down for Christmas holiday in USA
Before Trading please see the Golden Rules and TT Data
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| Daily Nifty Chart provided by Google Finance |
(Extended to maximum, at 4880(61% fibo retrace) and 4895(WHEMA) Nifty will show heavy profit booking.)
Book profit @4810-15 level in first hour of trade.
Go long if Nifty holds 4820 after then with a SL of 4779(yesterday's close).
Go short otherwise if Nifty unable to hold 4767(Daily Pivot) level with a SL of 4820.
12-00 pm Update
Nifty Spot resisted at 4801 it seems 4800 is strong resistance.
Yesterday, "4755" held for intraday.
Today, "4767" has been holding so far. Weak below this for "Intraday".
1-30 pm Update
9-RSI is in overbought status
2-30 pm Update
"4724"-DEma; "4718"-yesterday's low-if holds these levels, day TA could give another round of upmove.
There are various trade set ups emerging at any given time. Choosing the right one gives you better risk reward.
Accordingly we chose the "Break-down at 4767 when Hour TA was fully ripe for a correction". I don't know how far the correction could last or turn to a fall.
I have continued to view this upmove as a corrective rally.
Last consumed 9 days from 4639 to 5099.
This one was expected to be smaller than that.
Also "4732" plays an important role near the month end.
TT Data has been updated.
Google Chart is posted but MT4 not posted due to server was down for Christmas holiday in USA
Before Trading please see the Golden Rules and TT Data
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