OI in Nifty futures still hovering around the 22 million mark which makes it difficult to sustain upsides; for sustained upsides, we need at least 10% more volumes on the bourses
Critical levels and outlook remain unchanged for both Nifty and BankNifty
Nifty did not manage to take out 5032 today, making it the 5th consecutive close below 5032 levels; if it manages to take out 5032 on closing basis tomorrow, well and good for bulls else we can expect that to be the ceiling until Thursday EOD [following the sequence 2-3-5-8; intraday rises may go higher but closing above 5032 is the key - investment perspective remains buy the dips on delivery basis sans leverage. Trading of course depends on how much risk appetite one has and drop the losing leg @ predetermined exit points and ride the winning leg]
Critical levels and outlook remain unchanged for both Nifty and BankNifty
Nifty did not manage to take out 5032 today, making it the 5th consecutive close below 5032 levels; if it manages to take out 5032 on closing basis tomorrow, well and good for bulls else we can expect that to be the ceiling until Thursday EOD [following the sequence 2-3-5-8; intraday rises may go higher but closing above 5032 is the key - investment perspective remains buy the dips on delivery basis sans leverage. Trading of course depends on how much risk appetite one has and drop the losing leg @ predetermined exit points and ride the winning leg]
2 comments:
dear sir,
i understand the 2-3-58 strategy , but can u pls help me about the significance of 5032 level , it is not an fibonacci level of recent upleg .
Help us as a teacher ..
thanks
sohan
Dear Sohanji
First and foremost, Im neither a teacher, master, guru etc - there are far more seasoned hands in the blogging space - Im just a follower
You are absolutely correct that 5032 is not a Fibbo support level
Please read this post which has the support / resistance primer at various price bands of Nifty spot [these values have been given for closing basis as I only review EOD charts - enough proof to show how far behind the learning curve I am compared to the real experts and teachers :D]
http://niftyparadox.blogspot.in/2012/02/eod-analysis-for-17th-february-2012-and.html
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