Medium term investing - Clean breakout on Pratap Snacks weeklhy charts. Stock is breaking pre-covid levels with huge increase in volumes. Ideal entry zone 750-725. Target - 940, 1000. SL - 660 on closing basis
Nifty opened gap up today and then moved up consolidated for some time then fell down. if Nifty open gap up or flat then it would be highly probable that it will be range bound. Range would be 15825-15700.
If nifty opens gap down say 40-50 points then it will be volatile. Wait for price action on 10mins or 15 mins charts and then trade accordingly.
Nifty traded in a downward slopping channel today. And reached near the support. If nifty opens flat or slightly gap up and breaks the channel upside then go long - if it crosses 15850 then it can retest recent high.
If nifty opens gap down wait for price action and go short if it crosses 15775 with half qty only
In Friday session, Nifty has shown good strength despite no participation from heavy weight stocks like Reliance, HUL, TCS but there was good rally in banking stocks. Nifty has slowly reached the resistance level of 15875-15900. Would be very difficult for Nifty to cross this zone without heavy weights participation although pattern is strong, it might consolidate...
Nifty trading strategy for tomorrow
Nifty looks positive as today's fall seems like retracement only. Nifty closes near support range 15770-15740 and near 61.8% Fib retracement level. Multiple supports on downside.
If nifty open flat or gap up, initiate long if 15 min candle closes above 15800 with SL - 15750. If nifty opens gap down wait for initial hour for...