NIFTY INDEX VIEW FOR THE MONTHNOTE:-
Traders,viewers and other analyst are free to express their opinion and suggestions regarding this article.
View on the Index
NIfty has formed an sysmmetrical triangle on a daily chart and it is confirmed!!.
So a break above 10930 on closing basis shall confirm the uptrend towards 11080.
If i am wrong then we shall use the upward sloping trendline as to exit the trade.
Reasons for a upside breakout
Note that i had given a long trade on banknifty on thursday on the basis of crucial support nearing and the
"GOLDEN CROSS".
10700 nifty put option has seen great amount of put writing and call unwinding.
Although 10800 call option has seen some writing but the initial opening of the index above 10830 shall
spook them.
That will be confirmed once market sustains above 10774-10830 for inital hour that will lead to some
serious short covering.
If you notice the small picture you can see a clear trend emerging for e.g the 20-dma is about to cross the
200-dma but the bigger picture is where the 50-dma is evenutally rising and will finally cross the 200-dma in
fews days time(15-20 days period) giving as a "Golden Cross".
Shorts might get trap,Symmetrical triangle breakout can be expected on the upside and moving averages
showing us a picture.
PLEASE NOTE
"I MIGHT BE WRONG TRADE WITH YOUR OWN DISCRETION WITH STRICT STOPLOSSES"
