Nifty today may operate in a downward trend. Work with tight stop loss in this kind of a market.
Buy Nifty above 5041 for targets of 5056, 5074 , 5091, 5109 SL - 5023
Sell Nifty below 5023 for targets of 5008, 4990, 4972, 4955 SL 5041
Buy Nifty above 5041 for targets of 5056, 5074 , 5091, 5109 SL - 5023
Sell Nifty below 5023 for targets of 5008, 4990, 4972, 4955 SL 5041
Although it looked like continuation gap created on Aug 5, I think this is a Breakaway gap created on Nifty daily charts that too with high volumes and also below the long support 5200. Hence, I am more certain that this gap will not be closed very soon and Nifty will not cross 5200 easily. We have already passed 6days and hence Nifty will not cross 5200 to fill the gap created on 05Aug 5200-5335.
ReplyDeleteThe only way nifty may now go is down..I can easily bet on 4600-4700 for September/October
Aggresive traders can create shorts when market is close to 5200 else wait for 5335 or breakout below 4900 to create new shorts.
Happy Trading!!