Nifty 50 IndexLong
False Breakout, Bears Trapped..! Now 11000 Coming..!!
Diamond Pattern Modified. Support Line (White) drawn from the Nifty Low of 10000 made on 26th October and touching other lows that price made during contraction towards the Diamond Apex.
On 14th Jan Monday.. What we witnessed was a False Breakout on Downside. Price Broke 10700 level in Intraday but bounced back in later half to close above the support line.
Today (15th Jan) price broke out of the triangle/diamond with heavy volumes, sustained above and also closed above. Aggressive short covering was witnessed in Nifty Futures as well As Options. Fresh Longs are built. This Breakout looks true and any dip should be bought from here.
Trade Setup:-
Spot - 10886
Buy On Any Dip Till 10820
SL - 10740 on day closing basis
Targets - 10880 / 10930 / 10980 / 11030++
On 14th Jan Monday.. What we witnessed was a False Breakout on Downside. Price Broke 10700 level in Intraday but bounced back in later half to close above the support line.
Today (15th Jan) price broke out of the triangle/diamond with heavy volumes, sustained above and also closed above. Aggressive short covering was witnessed in Nifty Futures as well As Options. Fresh Longs are built. This Breakout looks true and any dip should be bought from here.
Trade Setup:-
Spot - 10886
Buy On Any Dip Till 10820
SL - 10740 on day closing basis
Targets - 10880 / 10930 / 10980 / 11030++
Related publications
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.