Towards upside bulls can target 5260-5350-5400 levels and towards downside 5177-5120-5073-5065-5053-4980-4900 -4840 would be support.Momentum to remain bullish once 5160 is protected.I am anticipating wave -5 bullish upward movement 5252 / 5305/5330 .Wave 5 is expected to get completed @5320-5337,from there I am anticipating correction.
However overall trend to remain bullish once 5160 is protected.
Trend/Momentum :Weekly chart : Bullish OB Daily chart : Bullish => orientation towards long side (be watchful)
Pattern : Impulsive 5 wave pattern . Wave-5 is in progress. Wave -4 completed.
Position: Price cluster exit at 4980 ,5100 and 5220-5240,5315
Action : - None (No Open position)
Potential Trade setup:
1.SAR 5119
2.SHORT @ 5315 STOPLOSS 5340 TARGET -UPDATED LATER
3.Nifty Trading below 5220 /5160 will be indication to add short.
Follow up SAR trade (ST)
1. No Trades
Follow up Trend reversal trade (TRT)
1.Sell 5140 Stoploss 5160 -Stop out (loss= -20 points)
2.Sell can be done near 5220 level with stoploss 5250 (TRT) (close 1 lot @ 5120 and 2nd lot @ 5200=60 points)
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