Position : Long from 5630,5590 [Both with and without risk takers hold 500 long]
Nifty Trade Support 5823-5815 Resistance 5856-5863
Nifty Trend Support 5784-5777 Resistance 5876-5885
Technical details :
50.0% of 5477-6229 is @ 5853
38.2% of 5477-6229 is @ 5941
Channel breakout target 5936, almost matched with 38.2%.
Trend line resistance at 5900+
Hourly chart is highly over bought [Day chart indicators are in buy mode,
so sideways with -ve bias is possible] , so possible to test the trend support
in intra-day trade., Stochastic Momentum is +ve. Just closed above
200EMA-5761. Good positive divergence in RSI Daily chart. Nifty
hold the 5800 on closing basis then channel breakout target within 2-3 days.
Wait and watch.
With-out risk takers keep sl 5800 for qty-250, and 5750 for qty-250.
With risk takers keep sl 5750 for qty-500.
