Nifty has reached the weekly channel resistance @ 6182.6 - current high. partbooking as mentioned earlier is done. Holding the rest with a trailing SL with Current Day HEMA and 20 DMA @ 5130 levels.
| TRADE | STOPLOSS | REASON FOR Stoploss |
| Bought at 6050NS on 26/11 | EOD close below 6130 | 20DMA/Day HEMA/5Week SMA |
| Part booked at 6180NS/6225NF |
Nifty high at weekly Channel resistance
NIFTY ANALYSIS:
Nifty has closed above most of the Moving Averages. Today being the end of the week and month, Nifty is likely to attempt the week HEMA and current Month HEMA @ 6178 and 6195 respectively - once 6120-30 levels are crossed. The EOD close being the EOW and EOM close - would be a deciding factor for the end of the year.
| DAY VALUES | |||
| HIGH | 6113 | 5 EMA | 6075 |
| LOW | 6068 | 5 DMA | 6064 |
| CLOSE | 6092 | 10 DMA | 6089 |
| HI EMA | 6106 | 50 DMA | 6053 |
| LEMA | 6047 | 34 Hr MA | 6069 |
As per Hour and Day charts the breakout point is above 6115-6120. As per the weekly Charts and Month TF - the next resistance is 6180-6200.
Partbooking at major resistance levels is a must to lock the profits. So It would be prudent to Book Profits at 6170-90 levels - which is possible ONLY IF the initial hurdle of 6120-30 is crossed.
End of Week/Month if it is above 6200 - would be highly bullish - Nifty towards new highs.
The Bearish Wolfe Wave in the Day charts cannot be ignored yet. Resistance at 6130 must be watched carefully and a decisive breakout is a must for sustained upmove. A break of 6020-6000 would be the trigger for panic button and Nifty would easily have a free fall towards 5800 levels.
| TRADE | STOPLOSS | REASON FOR TRADE |
| Bought at
6050NS on 26/11 6114 dec NF |
EOD close below 6050 | 50 dma/Day LEMA support |
Weakness would set in with a Hourly close below 10 DMA @ 6080 levels - if resisted at 6120-30 levels. - level to watch with caution.-
Part book at 6180-6190-6200 levels - once the hurdle of 6120-30 is crossed.
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