Nifty Technical Analysis
Nifty behaved exactly in accordance with the levels mentioned in yesterday's analysis. On the upper side, it could not cross 6175 and on the lower side, it touched 6100 and closed around that zone.
For the trading on Oct 29, expect very high volatility. I will go long if the Nifty crosses at least 6150. Resistances are placed at 6175, 6200 and 6230. Above 6250, clear rally will start.
On the downward side, below 6050 (+/-10), Nifty will be bearish and will target 6000 - 5980.
Please note that it is very risky to trade tomorrow. Recommend small traders to stay away. Take only one position at a time.
* Risky trade, Sell Tata Steel if it first rises above 317 d then moves below 317 and stays there.
1. All levels are in cash. Please trade accordingly in futures
2. Buy above or sell below the levels given for a target of T1, T1 with strict SL.
3. Those who are trading in futures, please trade with 2 lots and book profits at T1.
4. Buy or Sell here does not indicate that the stock is positive or negative for the day.
The calls are valid only if the levels are crossed.
5. Do not enter the trade if the target T1 is achieved within 15 minutes of opening.
Please take positions only after 9:30 AM. Please do not enter into any fresh trades after 3:00 PM.
Please do not trade blindly on these levels. A buy position should be supported by charts giving positive signals. A sell position should be supported by charts giving negative signals. Please see real trades in earlier posts to understand how an intraday long or short is created.
Any significant news which affects individual stocks or overall market direction will invalidate the technical analysis behind the above views. In such a situation use real time charts to trade.
All the views and content mentioned in this blog are the personal observations of the author and is in no way a recommendation for the readers to enter into trades of stocks/futures. The author do not accept any liability/loss resulting from the use content from this blog. Any act of trading performed by readers should be at their own discretion and neither the author or the sources mentioned in the blog will be responsible for the outcome.
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