Nifty Analysis & outlook
The previous high nifty made was @ 10137 on 2nd August 2017.
Now it is about to test the same high again. There will be strong resistance between 10137 to 10150 (being round number).
If it closes above 10137 - 10150 on daily chart it should be a buy with stop-loss at 10128 (...giving cushion to avoid whipsaws).
If it tests 10137 it may retrace to support @ 9983-10000 before it breaks out of the 10150, which I see at intraday buy opportunity.
To conclude, a break out above 10150 with good volumes would make it a high probability trade (HPT), with great Risk to Reward ratio.
Now it is about to test the same high again. There will be strong resistance between 10137 to 10150 (being round number).
If it closes above 10137 - 10150 on daily chart it should be a buy with stop-loss at 10128 (...giving cushion to avoid whipsaws).
If it tests 10137 it may retrace to support @ 9983-10000 before it breaks out of the 10150, which I see at intraday buy opportunity.
To conclude, a break out above 10150 with good volumes would make it a high probability trade (HPT), with great Risk to Reward ratio.
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