fibonnacci confluence zone acted as support as I had mentioned yesterday
and asked to buy at the break of yesterday's high.
nifty gaped up and fell, Ultimately rose shrugging off prior two day's mild bearish sentiment.
then what should be the target, as per me more than 10500
and logical stop loss just below the low of weekly expiry day(05-05-2020).
I have done...
Nifty has formed Bearish ABCD Pattern.
We can go Short once nifty reaches near 10230 - 10250
Target 1 - 10100
Target 2 - 9900
SL - 10400
For Option Contract:
Sell - Call Option - 10300 CE
Sell - Put Option - 9500 PE
Buy - Call Option - 10400 CE
Buy - Put Option - 9400 PE
Disclaimer: Kindly do your own analysis before executing trade
With the help of Reliance and some other giants, Index is showing good upmove in first half but we expect that it can slide further in the second half of the day as profit bookings and can drag the Index to the lower levels. Traders can short the futures if it becomes stay within our expectations.
FOLLOW THE NUMBERS ON CHART AS FOLLOWS
1 - GAP LEFT TWICE, IN CASE OF A MAJOR CORRECTION 9600 APPROX WILL ACT AS IMMEDIATE SUPPORT.
2 - IMMEDIATE RESISTANCE FACED BY NIFTY WHICH IT MIGHT OVERCOME BY GAP UP OPENING TOMORROW. IF NOT GAP UP EXPECT THE GAP TO BE FILLED SOON.
3 - NEXT RESISTANCE LEVEL IS OF AROUND 10500 LEVEL WHICH ALSO HAPPEN TO BE 0.618 LEVEL OF...