Nifty rallied today and managed to take out above 4800 finally. so what will we see in coming days, will Nifty continue to rally upward or will it fail again??? For making some view Lets we look at some internal things first.
1. Huge Open Interest increased with price appreciation, it is very positive trend for markets.
2. Put Call ratio (PCR) of all series jumped 1.25 from 1.16 & PCR of current series up by 0.13 to 1.37, that's also positive sign for markets.
3.From the following figure we can see that Nifty has crossed its 50 EMA (4850) today, but 50 DMA is standing at 4890, it is clear that some of mid to long term trader is waiting to break this moving avg. for further rally.
Next target for Nifty will be near 4950-4970 which is its 261.8% retracement level for its seed wave started from 4538 to 4803.50 as shown in the below figure.
Support for Nifty is below 4800 only on closing basis.
Congratulation for all who have bought our long call RPower above 76 and made some gain in very short period. Hold this stock for target 83.50 & 90, support will be below 75.50
See syllabus for Technical analysis training in Mumbai,India.
Please read our disclaimers before investing http://tradingkamai.blogspot.in/p/disclaimer.html
1. Huge Open Interest increased with price appreciation, it is very positive trend for markets.
2. Put Call ratio (PCR) of all series jumped 1.25 from 1.16 & PCR of current series up by 0.13 to 1.37, that's also positive sign for markets.
3.From the following figure we can see that Nifty has crossed its 50 EMA (4850) today, but 50 DMA is standing at 4890, it is clear that some of mid to long term trader is waiting to break this moving avg. for further rally.
Next target for Nifty will be near 4950-4970 which is its 261.8% retracement level for its seed wave started from 4538 to 4803.50 as shown in the below figure.
Support for Nifty is below 4800 only on closing basis.
Congratulation for all who have bought our long call RPower above 76 and made some gain in very short period. Hold this stock for target 83.50 & 90, support will be below 75.50
See syllabus for Technical analysis training in Mumbai,India.
Please read our disclaimers before investing http://tradingkamai.blogspot.in/p/disclaimer.html
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