Nifty 50 IndexLong
Nifty ready to break 11000 - Buy 10800 Call price at 133
Updated
On comparing nifty with three indicators, the result is as follow
1. Fibonacci retracement of 61.8% is at 11085, which should be our next target over one month period. Its testing 50% level of 10880, once taken out we should see sharp up move.
2. Trend lines - We have been in range with support at 10800 and since nifty already tested it multiple time should move toward 10900 and than 11000 and 11050 levels
3. ABCD pattern - pattern is validated we should move towards 11060 levels over the next couple of sessions.
Buy jan 10800 call at 133 level and hold till 11080. This will provide good return of 50% to 100%. Also, keep stoploss of 10777.
1. Fibonacci retracement of 61.8% is at 11085, which should be our next target over one month period. Its testing 50% level of 10880, once taken out we should see sharp up move.
2. Trend lines - We have been in range with support at 10800 and since nifty already tested it multiple time should move toward 10900 and than 11000 and 11050 levels
3. ABCD pattern - pattern is validated we should move towards 11060 levels over the next couple of sessions.
Buy jan 10800 call at 133 level and hold till 11080. This will provide good return of 50% to 100%. Also, keep stoploss of 10777.
Trade active
We have seen a good move on friday, which led to nifty rising to above 10900 levels however, last hour selling led to decline to 10780 level. Thus, we are still struck in our range of 10680 to 10950. However, we may see nifty testing 10680 level and any reversal from there should be bought into. Also, we closed above our stop loss of 10777. With expiry approaching, we should build call position only above 10800 with nifty expected to expire around 10950 levels on the upside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.