Nifty

Nifty approaching resistance cluster

After reading Nifty chart closely today morning, i just came across a probable double bottom pattern which has been confirmed. Though i missed it while breakout but we had already recommended longs on other factors. You might be guessing that now whats the use of it?? Of-course we can be cautious near its target of 7620. Similar resistance levels are obtained from Fibonacci and 7600 Call Option. Even a Downside sloping trend line is approaching around the same level. So now we have almost 5 resistance near 7620-7650 making a strong level for a stop loss on shorts. I would be intact with my short call on Nifty as given in my post “Nifty in reserve”  on 3rd march but on stop loss side, i would wait for two closing above 7620 before covering my short trading views and recommend you for the same. Many global events to unfold by monday so my eyes on global markets rather than domestic news!!!

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