UnknownUnicorn3503085

No Double top --- It's Profit Booking

Long
NSE:NIFTY   Nifty 50 Index
Nifty has finally touched it life time high and some profit booking has come. Thus, leading to the support zone of 11570-11580. And rebound back to 11600 levels. On Upside it is 11830 and if supports break then it again falls back to 11400 levels.
So, consider this trend as consolidation trend coz on weekly chart it bull trend. With the levels of 11900 in coming weeks..
So trade wisely.
Trade active: Nifty, moving the set direction with making a support range wider at 11550-11580. Though any closing is not yet come below the given chart range. So, it is a purely a consolidation signals. But, Looking at VIX to its near high makes it worry. So, be cautious with any trade until the Nifty closes above 11690-11720 levels. Once it give then the new high & our given levels will be achieved.
Here place SL 11558 for the target if 11700 & 11750.
Trade closed: target reached

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