Nifty

Finally out of Congestion!

Finally Nifty has closed convincingly above my first tgt 8720 given on 20th July in my post: “Why Closing is important“!  And Now since my longs initiated on 14th July around 8370 at: “Time for Investors to be Active“, i would recommend to book 50% profit on trading longs!! Though after such a breakout from the consolidation pattern, my new target for the short term would be 8950 which is approximate targets of such breakouts. Looking at option data, as i had been saying earlier still 8500 is acting as strong support of the expiry and resistance 9000 is near to my target so chances of achieving it this expiry are getting stronger after todays move. Indicators have given internal positive crossovers confirming todays breakout. On weekly charts yet the channel support is intact indicating a strong move in upcoming days. But volatility index VIX is indicating a steady move ahead as its a flat on indicators as of now. So to conclude, Nifty could move further 200 points from here but that would signal end to short term long trades!  Keep a trailing sl of 8500 on closing basis on rest 50% position.

 

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