As shown in above chart, nifty after giving big move on 3 Jan, stuck up in range 4720 on upside and 4780 on down side. Intraday it gave false break out once, and false break down twice. Looks like it is preparing for big move on which side it is big question mark. These are times when patience of short term traders get tested. You have to be disciplined to trade during such times otherwise it is better to stay out untill real breakout happens.
To be on safer side look for breakout above 4800 or break down below 4700. Since infosys the tech biggy is declaring its result 0n 12 Jan and also IIP data is also to be declared on 12 Jan expect range break out in near term.
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2 comments:
Sirji ,
It seems to be breakout of ascending triangle today, with target of 250 points above 4800. The apex was formed on 20/12/2011. Jsut confirm my findings & comment.
Suhask.
@suhas k, Ya thats true there is breakout above 4800. On hrly charts there r many patterns formed like triangle, cup n handle and rectangle on daily. It given breakout from all this patterns and will target 5000 but as usual follow proper sl.
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