Nifty has finished a contracting Triangle f-leg at 7540.1 and thereafter started the g-leg up for the 2nd corrective. The limiting (expected) triangle targets are :
T1 - 7854.2 (Done)
T2 - 7958.9
T3 - 8063.6
within about 8/9 days from 7540.1. The first target has been done. The next 2 targets, if to be done, has to be done in next 3/4 days. Watchout for the above targets and the upper black trendline resistance. Market is highly OB symbolizing extreme bullishness but intraday sharp corrections cannot be ruled out. The highest correction during this upmove has been of 61.4 Points and the lowest has been 39.95 Points. So, any fall of 39.95 - 61.4 points would have to be bought till bias remains positive and /or for next 3/4 days for the above targets. Today was the 5th consecutive bull candle for Nifty Spot.
Nifty is Highly Overbought one needs to be careful from now onwards.
Another crucial juncture 7862-7872 for Nifty Future.
7825-7831 Nifty Future Crucial.
Trade the Levels, Charts Can Adjust.
For Nifty +/- 5/6 Points and for Banknifty +/-10-12 Points, is allowed deviation
Nifty Future
Weak below 7772 and Strong above 7782. Main Support 7738-7748 and 7772-7782 and Main Resistances 7799-7812 and 7828-7839. 7801 is Day Shocker. Day SAR is at 7697. 7724 (Sustaining Below)/ EOD close Below is First S/L for Longs.
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Buy Above or Closer to 7805.70 Target1 - 7822.40 Target2 7850.30 Target3 - 7850.60 Target4 - 7878.70 Target5 - 7887.80 Target6 - 7896.95 Target7 - 7920.25 Target8 - 7943.55 S/L 7801.70-(aggr) /7780.40-(Cons)
OR
Buy Closer to or C.O Above 7757.10 - 7757.10 Target1 - 7785.00 Target2 - 7801.70-7805.70 Target3 - 7822.40 Target4 7850.30 Target5 - 7850.60 Target6 - 7878.70 Target7 - 7887.80 Target8 - 7896.95 Target9 - 7920.25 Target10 - 7943.55 S/L 7757.10 or Day's Low
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Sell Below or Closer to 7801.70 Target1 - 7785.00 Target2 - 7757.10 Target3 - 7756.85 Target4 - 7728.70 Target5 - 7719.60 Target6 - 7710.45 Target7 - 7687.16 Target8 - 7663.85 S/L 7805.70-(aggr) /7827.01-(Cons)
OR
Sell Closer to or C.O Below 7850.30 Target1 - 7822.40 Target2 - 7805.70-7801.70 Target3 - 7785.00 Target4 - 7757.10 Target5 - 7756.85 Target6 - 7728.70 Target7 - 7719.60 Target8 - 7710.45 Target9 - 7687.16 Target10 - 7663.85 S/L 7850.30 or Day's High
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Banknifty Future
Weak below 15063 and Strong above 15080. Main Support 15036-15093 and Main Resistances 15188-15253 and 15328-15421. 15042 is Day Shocker. Day SAR is at 15203. 15263 (Sustaining above)/ EOD close above is First S/L for Shorts.
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Buy Above or Closer to 15127.25 Target1 - 15142.00 Target2 15170.20 Target3 - 15198.30 Target4 - 15253.40 Target5 - 15318.40 Target6 - 15383.45 Target7 - 15448.45 Target8 - 15513.50 S/L 15119.45-(aggr) /15058.33-(Cons)
OR
Buy Closer to or C.O Above 14993.30 - 15076.50 Target1 - 15104.60 Target2 - 15119.45-15127.25 Target3 - 15142.00 Target4 15170.20 Target5 - 15198.30 Target6 - 15253.40 Target7 - 15318.40 Target8 - 15383.45 Target9 - 15448.45 Target10 - 15513.50 S/L 14993.30 or Day's Low
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Sell Below or Closer to 15119.45 Target1 - 15104.60 Target2 - 15076.50 Target3 - 15048.35 Target4 - 14993.30 Target5 - 14928.30 Target6 - 14863.25 Target7 - 14798.25 Target8 - 14733.20 S/L 15127.25-(aggr) /15188.37-(Cons)
OR
Sell Closer to or C.O Below 15253.40 Target1 - 15142.00 Target2 - 15127.25-15119.45 Target3 - 15104.60 Target4 - 15076.50 Target5 - 15048.35 Target6 - 14993.30 Target7 - 14928.30 Target8 - 14863.25 Target9 - 14798.25 Target10 - 14733.20 S/L 15253.40 or Day's High
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