Nifty could be Bought at today's low levels 6050 -with SL 50DMA -6040 - as Nifty is likely to close above day LEMA. Today niftys' journey has been from Day HEMA to Day LEMA.
NIFTY ANALYSIS:
The low of 5970 was held and Nifty has given a bounce back of 100+ points. Now for few charts.
WEEKLY CHART:
Nifty has taken the channel support and is heading towards the channel resistance @ 6180-90 - coinciding with the CURRENT MONTH HEMA - being very crucial as this week end is month end too.
Channel Resistance - 6190- Current Month HEMA
If 6200 is taken out then the next resistance
would be of the
Broadening triangle @ 6380-6400
Break of 6200 - could be considered as Bull flag breakout too - which has huge upside targets - but for it the major resistance level of 6380-6400 must be crossed with ease.
Nifty DAY CHART:
Channel Resistance at 6170-80 - near current
Month HEMA
Channel Support at 5990
As per both Week and Day charts and month TF - 6180-90 is the crucial level which decides about further upmove.
Positional Longs if taken yesterday - can be held with a stoploss of 6035 - current week's low and 50 DMA.
Sell Levels @ 6180-90 with Strict SL of 6220.
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