As highlighted yesterday 13413 was a key level and Nifty tried to get support at this level many times but failed to close above it. This signals that there is a consolidation and some profit booking happening at these higher levels. The global cues were also weak adding more of the selling pressure. Tomorrow if Nifty has to breakout there is a need for a gap up opening above 13434. Tomorrow trading range will be between 13278-13509
Some of the key levels
1. Nifty will find strong support at 13330 and 13278. These two levels based on price action is a good Entry point
2. Breakout is above 13509 with a target of 13560
3. Breakdown is below 13265 and breakdown target is 13225
If you want to short Nifty we will have to wait for nifty to go below 13127. SAR levels are still far away so dont expect major directional change at the moment. Bullish sentiment continues for December
Some of the key levels
1. Nifty will find strong support at 13330 and 13278. These two levels based on price action is a good Entry point
2. Breakout is above 13509 with a target of 13560
3. Breakdown is below 13265 and breakdown target is 13225
If you want to short Nifty we will have to wait for nifty to go below 13127. SAR levels are still far away so dont expect major directional change at the moment. Bullish sentiment continues for December
Trade closed: target reached:
Nifty broke out at 13509 and hit 13549. Our Target was 13560. Closing this trade