Nifty in corrective mode

NF Daily Chart

Nifty should hold 4710-20 at the opening hour today. Nifty has closed below 4756(HEMA).

Holding day's gain is the next requirement.

Breaking past 4775-80, hour channel resistance is the next and bulls must do it today to have a decisive continuation of upmove.

"4825" is the daily channel resistance.

12-00 am Update

Question: Can intra longs be initiated with an hourly closing above DLEMA or they shud be treated with repective hourly time frame only i.e. with a close above HLEMA?

Answer: Always have a combination trading system such as:

Week/ Day TA for positional.
Day/ Hour for Short term as well as Intraday.

After Day closed below DHEma, the week/ Day presents a sell on rise but without down momentum as the closes have been above both WLEma & DLEma.

As for Day/ Hour combo, similar sentiments except that Day hasn't triggered a sell by closing below its DEma yet.It could be today.

As the colours in the TT changes, you can feel the strength & weaknesses of different time frame.

As long as the higher T/F is in sell mode, treat the greens in the lower T/F as a ST play only till other "credible reversal patterns & divergences emerge".

2-00 pm Update

4720-25 is big resistance now as it broke today which was working as support for last 2 days.Above that day for bulls.

Book your profit part or full @ 4758 as it is well above DHEMA.

3-30 pm IST Update

Market showed some choppy sessions. I told lower levels of profit booking for longs. Even @4780 level shorts were taken and again booked @4740 level below DHEMA. NS held 4756 at closing basis but there are Out of the money(OTM) active puts bought. So market may need time to break 4786 decisively. No positions carried for overnight.



TT Data has been updated.

Before Trading please see the Golden Rules and TT Data