Though NIfty stays in the broad price channel on EOD charts, it has broken out yet again from a falling trendline suggesting that it can hit the upper channel again which is around 3100. I have been feeling bullish about this set up for some time now and have been sharing them through the blog. Finally Nifty did manage to overcome the small resistance area around 2850-2880 and closed above 2900. My last swing SL of 2900 got hit.On an intraday basis, Nifty showed a 45 degree upmove thorughout the day. I was not expecting Nifty to cross 2900 hence today I expect some weakness before Nifty resumes its upwards move again. I initiated my swing longs yesterday at 2906 however today if it dips around 2880 please buy NF with SL 2860 as swings.
NIfty intraday magic numbers
NF = 2790, 2842, 2880, 2950, 2980
Cheers
SH
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