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Nifty After Making Two Inside Days On 23rd Closed On Higher Side Confirming The Two Inside Bar Breakout With Indicators On 23rd Itself And 2nd Confirmation On 24th With Gap Up Opening, Nifty Was Highly Oversold On Daily Charts And Hourly Charts And As Said In Last Week That Technical Bounce Was On Cards And It Happened. Now As Per Daily Charts Nifty Is Once Again In Short Term Uptrend And Could Face Its Immidaite Resistance Of 5520 Also Nifty Had Hold Its Previous Low Of 5177 Made On Feb 11th Forming Higher Low As Per Weekly Charts As On Date And It Looks That Nifty Could Be In Range Bound Till It Does Not Give Close Above 5610 For Two Consicutive Days But At Present It Is Short Term Uptrend And Can Be Bought On Decline For Higher Targets Of 5520 – 5590 Levles With Stoploss Of 5315 As Close Below This Level Shalll Terminate This Short Term Uptrend As Short Term Indicators As Shown In Charts Are Showing Upward Momentum Which Can Continue For Two More Days,But Shorting Without Confirmation Shall Be Risky Now.
Regards
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Nifty After Making Two Inside Days On 23rd Closed On Higher Side Confirming The Two Inside Bar Breakout With Indicators On 23rd Itself And 2nd Confirmation On 24th With Gap Up Opening, Nifty Was Highly Oversold On Daily Charts And Hourly Charts And As Said In Last Week That Technical Bounce Was On Cards And It Happened. Now As Per Daily Charts Nifty Is Once Again In Short Term Uptrend And Could Face Its Immidaite Resistance Of 5520 Also Nifty Had Hold Its Previous Low Of 5177 Made On Feb 11th Forming Higher Low As Per Weekly Charts As On Date And It Looks That Nifty Could Be In Range Bound Till It Does Not Give Close Above 5610 For Two Consicutive Days But At Present It Is Short Term Uptrend And Can Be Bought On Decline For Higher Targets Of 5520 – 5590 Levles With Stoploss Of 5315 As Close Below This Level Shalll Terminate This Short Term Uptrend As Short Term Indicators As Shown In Charts Are Showing Upward Momentum Which Can Continue For Two More Days,But Shorting Without Confirmation Shall Be Risky Now.
Also This Is Stock Market Where You Have To Change Your Colors As Per Trend As It Is Said That Trend Is Your Friend.
This Are My Views
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