Nifty : Big brother at rescue again...

NSE:NIFTY   Nifty 50 Index
164 2
If you have gone through previous post on Nifty , you will realize we have been tracking Nifty movement more from Exponential Moving Averages ( EMA ) point of view...

Link to Previous updates on Nifty ...

Nifty has been giving signals of weakening of 20day EMA support which it has broken

- also it was suggesting that it's time for big brother 50 day EMA to show its mettle

Well that is exactly what is happening...

Nifty has been taking a hits this week but has been able to get up with a helping hand from support provided by 50 day EMA for the last 4 days...

We closed our short positions @9480 as per plan suggested in earlier post with gains of 200 points and a long initiated near 50 day EMA is already giving 30 points for today...

Booking partial profits here and holding balance with stop at 9445 so as to ensure no loss for the weekend trade... :-)

Nifty might once again try to rise if support holds true...

Do note: In case it doesn't we have a Plan B ready and we look at Fib levels of 9283 and 9018 for next support / review zone...

Do review your trading plan and
plan your trade accordingly...!!!

Take care and safe trading...!!!
Trade closed manually: Nifty 9525

Booking profits can be considered ..

Happy trading & Enjoy your week end
Thanks for the insights, I have also closed the nifty position, now have taken long positons in GSFC @114 for tgt of .120/122
@hotpot64, Nice... :-) & all the best for gsfc
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