I am not a certified analyst. The charts shown and the content in the blog are for educational purpose only and in no way is a buy or sell recommendation. Readers are advised to use discretion.

Monday, 19 January 2015

Nifty- Positional View - 19.01.2015

Positional:   Nifty is zooming to highs once again. The current move started from a BOF. It should touch last high, which is near by. Lets see daily chart --
+ ves..
1) Market is in Uptrend
2) New Ranges are Higher Ranges
3) Move started from a BOF, so a good one. Can expect it till all time high.
4) Price taking support at MBB in daily chart
5) Last bounce ended up at 8000, this may go less than that.
- ves..
1) Second Gap up done which never touched the old day range. A 3rd gap or gap down will call for a move Exhaustion
2) Candles forming are smaller ones
3) Yesterday was an Inside day, but today's move wasn't catching up.
4) 8700 has maximum OI.

My preferred position will be a Short on Strong BOF near 8700. Will change views only if price action speeds up approaching DP.

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