“Perfection is not attainable, but if we chase perfection we can catch excellence” and its just the case for Nifty traders since channel breakout a month back. If you have been chasing this perfect support of channel you would have attained excellence in profits. Had been recommending to carry forward longs with the trailing SL of 8480 and its still holding. But Week on Week channel resistance line is being stronger and stronger support for the traders. 5 consecutive lows on the channel line making it most valid support line in recent years.
So from the above graph we got that Nifty is clearly taking a strong support on the weekly channel but for the trader what matters is daily charts and i tell you its not less perfect too.
Just since the next day from the breakout of weekly channel in July, Nifty started trading in another channel on daily chart which is been holding true since then. But on Friday we got interesting Boosting sign with a support on channel and also a morning start pattern making support more valid. Though indicators are all on over bought zone but it doesnt mean we can move up. So still the mood stays positive on the street with next week support at 8480 while target on the upside could be resistance line at 8820. So my view continuous to be long but stay hedged with 8450 PE!