NIFTY IN SUPPORT ZONE
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The chart shows a clear uptrend followed by a correction till the support zones. A 20-50 moving average crossover has taken place. Only a move below the support levels of 5450-5400 will alter the bullish set up.
Risk : 100points
Reward : 400 points
The chart shows a clear uptrend followed by a correction till the support zones. A 20-50 moving average crossover has taken place. Only a move below the support levels of 5450-5400 will alter the bullish set up.
Profit Booking at 5750 helped us lock in our gains and nifty reached near our buy and support level of 5500. 5400-5500 continues to remain a strong support area for the market and we may now expect nifty to rally towards our previous target of 5900+ after having corrected by 250 points (50% retracement) from the profit booking level of 5750.
So the view remains positive and we re-enter our longs at 5500 levels with the stop loss of 5400.
Risk : 100points
Reward : 400 points
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