NIFTY – Mid Week Update

 

Nifty at critical juncture, my thoughts with charts below

Nifty 15 min chart says – we might bounce tomorrow to see 58xx levels again. Gap up open possible to secure the 5800 levels, will ensure smooth break of the trend-line which also happens to be 38.% Fibo fan resistance. Expected up-move for the bounce till 5890/5925 levels, chart below

Nifty 15 min chart

Nifty Hourly chart – We are in the 61% Fibo retracement zone of the past up move. Also, this is area where previous top was taken out. Hence, expect bulls to try to defend this one else, as stated during the Weekly Update we will see 56xx/55xx levels soon, chart below

Nifty Daily chart – we will see if the Resistance becomes support

 

Counter-trends are to be used for managing existing positions in the direction of the trend OR if missed earlier take positions in the direction of the trend.

Trade Safe!!!