Nifty has broke out of recent 2200 points rally !
Updated
Nifty had been trading in a dream rally since the low at 15600 in Feb but now it seems near term high has been pinned at 18114. There are many technical factors supporting the view that we may play short from tomorrow. Firstly, Nifty has resisted exactly at larger degree channel line which is intact since the life at 18604 Secondly, Nifty has breached down channel which it was running onto since recent low at 15600. Thirdly, 15 day average (red line) where recent support was strong has been breached for last two trading sessions and Nifty has closed below the same to confirm the weakness. And lastly, RSI and MACD, both has shown bearish crossover on their respective averages. So to sum up, we can Freshly short nifty for a week with SL of 17685 while first target is at 200 day average at 17158 and second target would be open for new post.
Note
Target of 17158 hit on the Index!! Now we are open for 16820!
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