On 2'nd march it has been mentioned that nifty is trading in triangle. Let's analyze what happend next & what is possibility now ----
On Friday (2'nd march) it gave intraday spike above 5380, but it was not able to give hourly close above 5380. On Saturday market was open from 11:15 am to 12:45 pm & at 12 noon it gave hourly close above the upper border of triangle but without significant volume. If we don't consider volume, there looks possibility of 5600 but stop loss for this trade was hourly close below 5324. And now at 10 am it closed below 5324, as well as lower border of triangle. So now it looks like that, it will target 5100, at least 5200 this week.
Caution :- tomorrow result of U.P. election will be declared, so there is possibility of volatility which we all ready experiencing since last week.Therefore any trade should be followed with strict stop loss. Stop loss for this trade is hourly close above 5369.60
DISCLAIMER: This
Blog is meant for sharing my trading ideas only and no calls to be
taken as trading recommendation. Visitors please do your own
research or consult your advisers for safe trading.
1 comment:
Sirji,
We are slowing achieving the target of 5100 as per the triangle breakout.
Suhas
Post a Comment