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NPKiran

Nifty 50 - Aug'14

Nifty 50 Index (NSE:NIFTY)  
NPKiran  
NSE:NIFTY   Nifty 50 Index
Trend Analysis Chart Patterns
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trendanalysis chartpattern
My previous idea:
  • Wait for Nifty 50 to break 19450 on downside for any fresh short trade
  • As expected Nifty lived a choppy trading session on Friday to break 19450
Idea for 14th and beyond:
  • Chart from 19300-19600 in last week display good buying and definitely not just a short covering rally
  • Keeping this point in view
  1. 19350/19300 is crucial support range
  2. Once 19300 break, it is likely to witness some knee jerk reaction on down side
Intraday scalping may give some long trades but right now is not the time to plan for long trades before the chart says

  • 19350 and 19560 levels are possible in Monday trade, watch which way is it moving at first and plan trade accordingly
  • Both these level can be reversal points on the chart
PS: Just live in the current chart and don't look into future to plan a trade
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