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Above 50 SMA Bulls Exists and Below It Bears Rule from Short term Perceptive. What happened yesterday As discussed in Weekly View 5169 proved to be a resistance Nifty made high of 5162 and gave the much awaited correction.
Yesterday was the Read test of the current upmove and Nifty passed the Litmus test by holding the 50 SMA@5012 made a low of 5011 and today will Open gap up around 5084 filling the yesterday gap with a gap up opening.
Trading above 50 SMA give the possibility of breaking the Laxman Rekha of 5169.
Above 5109 Weekly Time Frame will come in Uptrend and Crossing the Swing High of 5136 increases the probability of breaking the range.
Trading Levels for Today
Buy above 5093 Tgt 5106,5136 and 5162
Sell below 5035 Tgt 5005,4975 and 4961
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Bank Nifty made the Low of 9492 Yesterday and Bounced back.Bank Nifty closed above its 12 Oct Close which is an bosster to Bulls.
I will consider this correction as a Dip in current uptrend till 9360 is not crossed on downside.
Buy above 9660 Tgt 9712,9788 and 9810
Sell below 9570 Tgt 9492,9428 and 9360
Confused because of yesterdays candle and the reversal today
It is called Island Reversal Pattern
Today above 5140 I bought nifty. Tell me what should be the first sign for exit tomorrow, below which level long is not safe and the level above which short is not safe.
You should exit if Nifty Spot is unable to cross 5170. IF it crosses just hold it for a target of 5200 and 5230