Nifty

Closing above 7600 wins back confidence

Nifty finally breaks the trap line at 7580 and we closed above 7600 above first time in last two months. My stop loss 7600 on closing basis have been triggered today. Technically, still the road is not clear to take a fresh longs as many resistance points are hitching around same levels. While todays high had triggered Double bottom target which was 7615 now the next resistance is Broadening formation trend line around 7660. Coincidentally 7615 is also a 100 EMA which has been acting as strong resistance since we traded below the same in August downfall last year. So now the range of 7600-7700 because wait and watch situation. So currently No fresh positions recommended for new players but if you are long for short term than time to start booking profits for march series while if short players havent squared off than now they can take lil risk till 7700 which is strong resistance from options data. So now i would prefer stock specific trading till end of Expiry as we have many holidays too.

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