traderreborn14

Nifty has 200 EMA resistance.

NSE:NIFTY   Nifty 50 Index
In my Picture EMA 200 is in orange colour and Nifty is bouncing at it showing a weakness to cross on daily chart .

Yesterday BNF has cross the 22500 strong resistance and it was very much expected to reach 23000 after crossing the hurdle.

And today it is trending around their. But 23000 resistance is another strong resistance for BNF and 200 EMA is strong resistance for Nifty .

If the rally has to continue they both have to cross it and continue which will be very hard as of now looking at Data points.

But anything can happen in the market. Continue long positions if Nifty and BNF crosses the resistance or be happy to book the profits. Then wait for confirmation of any trend.

Happy Trading :)

Note: Views are only for educational purposes.
Comment: Today market did only consolidate and their was no volume. Hence it did not give any proper view.

Need to wait and see the market behaviour on Monday.

Comments

Sirji,
Wow.. Bang on!!
Can Nifty attempt to hit 10900 and then start a big correction?? Reason I'm asking is because in my opinion, one more high is pending in RIL and also in many other stocks..

Also, what is the wave count of the move from 7511?? Will the dip that has started (or will start from around 10900) be a correction of the move from March lows or will Nifty break 7511 ??
Reply
traderreborn14 practicalbull.mmb
@practicalbull.mmb, Can happen but cannot confirm it now as we will have accurate data only after Monday trading to predict Nifty future move for this month. Data points for July is still bullish but Monday trading will confirm few more things and then I will update you all. Till then check the strategy updated in my next post. Coming to wave count lets wait because we cannot predict wave count. Let market give us data and we will talk on it. First let the wave C begin. It hasn't started yet.
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