ipuneet
Long

Nifty, slow and steady won the race.

NSE:NIFTY   Nifty 50 Index
Nifty finally closed above 12000 levels, this time the journey was slow and steady unlike the last two occasions when it was a big news based jump up that has fizzled out in no time.

I believe the real winning will be sustaining above this level and climbing up further, specially with a economic conditions that have lots of well known concerns.

Technically the steady pace of the rally and closing above 12000 is significant, it should strengthen the bulls for upcoming days. The immediate levels to watch out for are 12070, 12140 and 12200. On the downside the strong support exists at 11900-11920 levels.

EMA and RSI combination indicator has given a BUY signal yesterday, today's daily candle is a bullish hammer , continuation of rally can be expected.






Beginners may try Puneet_9EMA_21_RSI on a two hour Nifty Chart, it provides reliable Enter and Exit signals for positional trades.

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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial advisor before taking any positions.
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Thank you
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@MIthy @rudra0909 @pratik2358 @Vi730vi730 @SanjayAnand @AMBRISH and other followers, this is share a correction in above post. The Candlestick pattern formed on daily chart today os a perfect Dragonfly Doji, very rare such perfect pattern is formed. (Open = High = Close) It indicates trend reversal, 12000 is an important level, one need to be very very cautious at this stage. Though there are quite a few positive signs, several trend reversal patterns, 40-60 points move everyday, significant pullbacks after every rally are not very comforting signs. Trading long can not be avoided when market is in uptrend, moving up (40-50) points everyday, it is important to keep our eyes open for any kind of pullback and act swiftly.
I apologies for posting inaccurate information in the above post.
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AMBRISH ipuneet
@ipuneet, Thanks,
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