Treasure Hunting Map (NIFTY)

Hi Friends

After continuous buying in the Nifty Index, we witnessed some profit booking at higher levels, Nifty was able to cross the gate of 4850 and made new highs once again which was 4889.05.

Nifty did made new highs but was not able to sustain in the sky thus we saw some profit booking and shorts being created at high levels, which now indicate that, for the uptrend and the control to be in the hands of the bulls nifty has to cross 4880 - 4920 levels on closing basis and a close below 4780 which was taken as a support for the week end, would make nifty test lower dips which can make it test 4630 levels after breaking the minor supports, a major gate close is at 4630 breaking that would lead to 4560 levels, below that the trend would change for the index and we might see some panic happening which would make fresh shorts and a tanking in the index is likely to be seen after breaking the end support which is 4560 levels on closing basis.

As of now we are neutral for the index and we might see some healthy correction which we are expecting next week on wards, as per Reliance Industries the heavy weight for the market has touched all time new highs and we might see some correction in the stock which would drag our markets with it as per it plays a major role in the movement of the market.

Reliance Industries has a support around 2080 levels, and on the upside we have open targets till 2400 levels which are our long term targets.

As of now for our hunt on the Index, if we put our eyes on the Calender then we can see that its Friday and most of our Fridays have been in green after a red day at the starting of the session.

Hunting Map for the session can be : -

Buy Nifty above 4854 - 4869 - 4894 - 4919 - 4935 SL - 4827

Sell Nifty below 4815 - 4800 - 4788 - 4780 - 4773 SL - 4830

As per this is the last day for the week closing, volatility is likely to increase and we might see both red and green moves, up & down moves, lets see what happens in the last day, some magic is expected as per we have seen in the end of the day for today that people are not taking any positions, they are feeling very scared of what is going to happen next, but we are expecting some fast moves and we are likely to track hold of both the bears and the bulls.

One can trade in small quantity and timing is every thing in trades including Stop Losses, thus trade as per the time and moves in the air, as soon as you get profits take them and sit back being greedy may trap you in the WEB.

Nifty is heavily over brought and a correction is due which can prove to be an healthy correction and one can make a note once again that the trend is intact up. Buy at dips and sell at rally, thus here comes the rally and nifty would find it difficult to cross 4920 thus cover up positions at high levels and get in back at lower levels.


Trade with strict stop loss in the coming sessions.

We would like to wish all the Pirates a very all the BEST.

Disclaimer : -

The above stocks are my personal views, one may see that trading in the market involves risk and thus one may trade in the stocks at there own risk, we won't hold any responsibility.

Regards

Treasure Captain
www.moneybaghunting.blogspot.com