Nifty on the verge of a four week breakout

The four week high of nifty is 14753.If nifty is able to break that level and is able to close near days high today.We can see huge rally for next 5 to 8 days.

A stron move above 14753 intraday can initiate fresh long positions.

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https://youtu.be/bJx2zeslPf0

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 Below is the link of two videos ,which describes how I took short term bullish positional trades based on moving average cross over and bolinger bands.I am still holding the positions with decent profits.

https://youtu.be/eMsnRFlAmDA

https://youtu.be/ZYdC4cA9IXc

Market update

 After   range bound and volatile sessions in the past few weeks,nifty today made a trendy breakout as 8 ema in  hourly chart crossoverend with 50 ema. I expect this rally to continue in next few days ,11500 is the major hurdle.

Nifty view for 29 th july

Nifty today break the resistance of 11240 and closed near days high.However if tomorrow index manage to hold gains or close with a positive bias then it  is possible for nifty to touch 11530 levels by July 30.Meanwhile a drop below 11112 should cansideered as a sign to exit long positions.

market view for 28th JULY

Nifty for the past few days was hovering in a narrow band with 11056 on the lower band and 11240 on the upper band any breakout on either side can spark sharp volatile action.

If nifty breaks 11240 levels then the upside is capped around 11540 levels for the time being because from that level market crashed with a gap down due to corona virus news on 27th February.

On the downside  11000,11830 and 11500 are major supports .

As we are traders we can benift from trendy movement in either directions.
 However if nifty breaks 11240 levels I am planning to buy 11300 CE if it does not happen I will abstain from trade and wait for right opportunity

Market view for 27th July

Immediate resistance for Nifty is placed around 11240 level .A sharp move above that level can lift index up to 11387 to 11536

Meanwhile in weekly chart index is near a bullish breakout.That is in daily chart 8ema is poised for a crossover with 50 ema if that happens index can rally upto 12200 levels.If that cross over happens index will close near weekly high. So be very watchful. If nifty breaks 11240 resisatnce I am planning to buy 11300 CE

On the other hand a drop below 11045 will nullify all bullish trend in the very short term.

Market view for 24 th july

As expected nifty was very volatile today with a bullish bias.The 50 ema in hourly chart is placed at 11010 level.

A drop below that level should consider aa an invitation to exit long.

Meanwhile RSI in daily ,hourly and 15 minutes have reached 70 level , almost near over bought region.So the possibility of profit booking cannot be ruled out.

As a result taking fresh long positions is not advisable.