joyesh

Nifty - Long - Swing Trade

Long
NSE:NIFTY   Nifty 50 Index
Nifty formed a bullish flag pattern followed by a consolidation before a breakout to reach the top of the flag.

Further consolidation was seen in the ~11800-12000 range.

Nifty has witnessed a breakout from this range and is thefore expected to resume its upmove to the target of 12775 given the length of the Flag Pole.

This is ofcourse going to be a swing trade with positions to be held for several weeks.

I will post updates on the trade from time to time.

Stop Loss should be maintained at 11800.
Target: 12775
Comment: The trend on the upside appears to be intact. SL can now be trailed up to the last swing low at 11880.
Comment: It would appear that Nifty has found support in the vicinity of 11900. There also appear signs of exhaustion as reflected in the lower RSI but demand around 12000 is noticable. Consolidation should be expected.
Comment: The SL can now be trailed up to 12000.

Nifty has indicated that the uptrend is intact.
Comment: SL can now be trailed to 12100.
Trade closed: stop reached