NSE:NIFTY   Nifty 50 Index
First things first, Nifty is on an uptrend on the daily charts .

As discussed yesterday, Nifty took support on the trend line and bounced back from there. This was a good sign but what needs attention is that the candles have not crossed the decider (middle line) on the upside. We can let our guards down a little once this is done but till then, we have to be cautious.

Hourly charts give us a support at 14750 so you can go long, if you have to with a stop below 14750. Targets can be 15050 and even 15150.

We have already gone long yesterday and we should be looking at profit booking today so I would opt for NOTA (No Trade) today as the end to end risk to reward ratio, 14630 vs 15050 is not favorable.


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