Nifty hourly chart analysis

Updated

1) *Avoid shorting as long as Nifty trades above 11550
2) Go long only above 11750 (on hourly chart closing basis)
3) Wait and watch zone between 11750-11550

Note

Also marked my observation: Whenevr NIFTY was at a major support at RSI was at 30 it gave a strong bounce. Hence avoid going short at current levels (11600+)

Note

Shorted below 11550 and going to book profit at 11350 with SL above 11600

Note

Booking 110 pts partial profit at CMP 11440

Note

Made a low of 11352 and missed our target of 11350 by 2 points.
Going to square off my position before market close to avoid carrying the position to the next day.

Trade closed: target reached

Booked 200 pts profit at 11350
and 110 pts profit at 11440
with SL of just 50+ pts

k314

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