Nifty 50 IndexLong
Nifty breakout
Updated
Since hitting the all time high level of15450 after budget, Nifty has been trading in a range of 1200 points (15450-14250).
Today Nifty has broken out of this range but must give two consecutive daily close above (15400-15450) for confirmation, hence today's close will be important. If it closes at current level or higher the breakout will be confirmed.
The upside target of the breakout will be the size of the trading range and it comes to 16650. This should be the target for the month of June.
On the downside 15200 should provide good support on closing basis.
The ADX is slowly picking up but once it crosses the 20 mark we can see the momentum pick up in this current rally, which is missing so far.
Today Nifty has broken out of this range but must give two consecutive daily close above (15400-15450) for confirmation, hence today's close will be important. If it closes at current level or higher the breakout will be confirmed.
The upside target of the breakout will be the size of the trading range and it comes to 16650. This should be the target for the month of June.
On the downside 15200 should provide good support on closing basis.
The ADX is slowly picking up but once it crosses the 20 mark we can see the momentum pick up in this current rally, which is missing so far.
Trade active
As Nifty has bounce from around 15450 levels, the area of 15400-15450 should come in as good support for the index on closing basisTrade active
Stop loss for this trade is 15400 on daily closing basisTrade active
Trail the stoploss at 15550 on daily closing basisTrade active
Trail the stoploss at 15600 on daily closing basisTrade active
Trail the stoploss at 15650Trade closed manually
Market looking weak could correct in this week.
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