LONG TERM VIEW --- FOLLOW UP

On 18 june in this post FOLLOW UP  it has been advised to either book profit at 5170-5200 zone or keep previous 2 days low as stop loss.

NIFTY DAILY

If u observe daily chart of NIFTY given above u can realize that NIFTY never gave close below previous 2 days low, so now those who are holding buy position from 4800 level can book profit at 5320-5350 zone or can ride this up move by keeping stop loss of close below previous 2 days low.

WHY 5180-5200 ZONE IS IMPORTANT FOR LONG TERM INVESTOR ?

The answer is hidden in the chart given below --- 

NIFTY WEEKLY

  This is weekly chart of NIFTY, it has taken support ( green arrows ) as well as faced resistance ( red arrows ) so many times at this zone.

So those who booked profit can re-enter on pull back to 5200 level and invest 33% of there capital at this level with stop loss of weekly closing below 5000.

For investing for remaining 66% capital will update according to future price action. As of now weekly close above 5380 is important for further decision making.

 DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.