All,
Pls find EOD chart of Nifty attached - Some Key indicators showing NIFTY trend is on Upside. We have crossed the downward resistance wave around 4880-4920-4935 convincingly yesterday & went straight to next resistance at 5025-5040. We have hit that zone also & came back.
The nearterm seems bullish (with likely target of 5180+), though some profit booking can take place - as Krish Venkatesh rightly pointed out, the run-up last 4-5 days was quite sharp & we might have reached overbot zone. So lets expect a rangebound consolidation.
Once we cross 5025-5040, we will make our way to 5180 next.
I was just doing this, IIP data came better than expectations. Intraday - Nifty is taking support at 4960 zone & bouncing back. Incidentally, this was the low Nifty made yesterday intraday basis after touching 5000 briefly & then zoomed back to 5030+ . Hence, my intraday stop loss would be placed 4948-4953 (spot). Below this we can see drift to 4920-4880. But, I would avoid shorting near supports.
Only buying advised on dips - until the above stop loss is violated on closing basis.
Rgds/Balaji
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