NSE:NIFTY   Nifty 50 Index
Price Action study puts Resistance at 10480 and Support at 10350.
RSI showing slight weakness. If RSI in Hourly charts starts closing above 68.6, we shall not stop at 10480 bt shoot upto 10650.
any fall should be used to go long with 10355 sl for target of 10620
Comment: 10500 has highest oi buildup. can show some selling preassure - but again use it as an buying oppurtunity for 10650 levels
Comment: dip should be used to buy
Comment: like said dip should be used to buy we got a very good dip in morning
target intact 10600
Comment: We may see a big move in a day or two towards 10650+levels
Trade closed manually: Negative diversion on RSI hence closing trade manually.


Agree in toto, though I'll keep my SL little bit extra because of sudden volatility, I am hopeful that with in 2 - 3 months we will retest previous all time highs.
+1 Reply
In daily charts,Isnt nifty forming a head and shldr pattern?
if true then it shall turn soon down to 10k again
kacharts GowriShankar
kacharts GowriShankar
@GowriShankar, i dnt find it correct and if its correct let fir level break and if it breaks neckline big fall will be there and again if it falls i wil personally look that as a buying oppurtunity . but i dnt think this pattern whoever has made is correct .
also if ur considering 10480 as soulder then nifty has already closed above that level today
kacharts GowriShankar
@GowriShankar, http://prntscr.com/j5w6ui
failure of head n shoulder is shown above in screenshot kindly check
@kacharts, thanks fr u r insight. u were the only one who said to go long in nifty at 10500 and it worked.So i guess that head and shld pattern is wrong.
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