iCharts Discussions

[samminc]

As forecasted Nifty gave a buy above 5057 and went near our target of 5085 ( high of the day is 5080). Pls refer our 13th call. Nifty has broken down after touching 5080 to the great support of 4968. In the last session it also broke the level to touch the low of 4950. The following are our observations based on 13th Nifty movement

1. Nifty futures are at the critical levels of 4950.

2. Any break of this 4950 levels will break the speed line drawn from the low of 4480 levels.

3. In the last 3 months nifty futures has also shown bounce from this speed line.

4. We believe this speed line will break this time since the bounce from this speedline previously has not achieved the target of 5400 levels.

5. Hence for 14th open the short as positional call near 5000 levels for the targets of 4873 and 4780.

6. The stop loss for this would be at 5055. The stop loss is huge since the gain is also to the tune of 200 points.

Happy trading

Samminc