Market Update:
Nifty Opened around 40 points up and kept trading in a tight range before closing at same price it had opened. Overall it was a still a good day for bulls. In my previous posts I had mentioned that Nifty has a stiff resistance around 10750-10850 level. This level is a huge gap down level which Nifty saw in October and till date its not been filled. Now its been more than 2 weeks that Nifty is hovering around it but is unable to break. This is understandable as naturally there is a bit of nervousness around this level ( since its so critical).
Technically I feel that market is setting itself for its next move which hopefully should come on the upside. As per me Nifty has completed E leg of extracting triangle ( you may refer to my post dt 21 Nov for charts and wave counts) and should make a high tomorrow above 10765 levels to confirm it. It is important to see how the market behaves tomorrow. That will give us lot of clues as to how the Dec series is going to shape up.
Trading Recommendations:
We went long at 10600 and again at 10650 levels and today booked partial profit in longs entered around 10600 (spot price). SL is now revised to 10650 levels and one needs to exit if Nifty makes a candle close ( on 15 min chart) below this level. I don't have any specific upside targets as of now and I don't agree with analysts who gives these upside targets ( nifty often either crosses these targets or fall well short so they are meaningless). For now just stay with markets and maintain tight stop losses for your longs, probably in a day or 2 we will get further clues about what Nifty might do in coming days. Trade well Trade wisely.
Nifty Opened around 40 points up and kept trading in a tight range before closing at same price it had opened. Overall it was a still a good day for bulls. In my previous posts I had mentioned that Nifty has a stiff resistance around 10750-10850 level. This level is a huge gap down level which Nifty saw in October and till date its not been filled. Now its been more than 2 weeks that Nifty is hovering around it but is unable to break. This is understandable as naturally there is a bit of nervousness around this level ( since its so critical).
Technically I feel that market is setting itself for its next move which hopefully should come on the upside. As per me Nifty has completed E leg of extracting triangle ( you may refer to my post dt 21 Nov for charts and wave counts) and should make a high tomorrow above 10765 levels to confirm it. It is important to see how the market behaves tomorrow. That will give us lot of clues as to how the Dec series is going to shape up.
Trading Recommendations:
We went long at 10600 and again at 10650 levels and today booked partial profit in longs entered around 10600 (spot price). SL is now revised to 10650 levels and one needs to exit if Nifty makes a candle close ( on 15 min chart) below this level. I don't have any specific upside targets as of now and I don't agree with analysts who gives these upside targets ( nifty often either crosses these targets or fall well short so they are meaningless). For now just stay with markets and maintain tight stop losses for your longs, probably in a day or 2 we will get further clues about what Nifty might do in coming days. Trade well Trade wisely.
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