Nifty after forming a high of 10552 closed below the support level of 10326.In todays trade Nifty made a low of 10282. However our long positions are exited at 10400 levels.that was 50DEMA level in 15 mts charts. On the other hand high risk traders can hold long positions by keeping a stop loss around 10226 levels.
Meanwhile in daily charts nifty has given a sign of top formation.For confirming this nifty has to move below its 50 DEMA in hourly charts.As long as 50 DEMA level in nifty hourly chart is not breached upside is still possible.However if 50 DEMA level in hourly chart is breached my view will also alter and that level is 10226.If this scenario happens index will move to a range bound area.
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However as tomorrow being a monthly expiry I am seeing a probability of very volatile move.I am assuming that nifty will move to 10350-10390 in early part of the trade and will brop to 10250-10200 levels in after noon session.
Imp: Whatever I mentioned in this blog is my personal opinion before taking a decission consult with your financial advisior
Meanwhile in daily charts nifty has given a sign of top formation.For confirming this nifty has to move below its 50 DEMA in hourly charts.As long as 50 DEMA level in nifty hourly chart is not breached upside is still possible.However if 50 DEMA level in hourly chart is breached my view will also alter and that level is 10226.If this scenario happens index will move to a range bound area.
.
However as tomorrow being a monthly expiry I am seeing a probability of very volatile move.I am assuming that nifty will move to 10350-10390 in early part of the trade and will brop to 10250-10200 levels in after noon session.
Imp: Whatever I mentioned in this blog is my personal opinion before taking a decission consult with your financial advisior
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