NIFTY(SPOT) Immediate Views

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CRUCIAL, IMMEDIATE RESISTANCE LEVELS:
R1: 6015-6032 .... 50% RETRACEMENT + PREVIOUS BIGGEST GAP's LOWER POINT
R2: 6092-6100 .... 61.8% RETRACEMENT + PREVIOUS BIGGEST GAP's HIGHER POINT

CRUCIAL, IMMEDIATE SUPPORT:
S1: 5970-5980 .... LOWER END OF THE GAP MADE ON 2nd DEC.
S2: 5916-5938

WEAKNESS IS SEEN ON HOURLY CHART BETWEEN THE RANGE 5970-6032.

WHAT TO DO IN THE MARKET AT CURRENT LEVELS?? :
  • TRADE IN STOCKS WHERE THE MOMENTUM IS UP-DOWN.
  • AVOID TRADING IN OPERATOR BASED AND SIDEWAYS MOVING STOCKS. PREFERABLY DO INTRA-DAY, BTST OR T+2. AVOID POSITIONAL TRADING........UNTILL NIFTY STAYS ABOVE 5970, STAY BULLISH.
NIFTY TO GO WEAK BELOW 5970-80 AND MAY GET HIT BY PANIC BELOW 5915-38
WHERE TO SHORT??
  • IF NIFTY MOVES DOWN FROM 6030.....SHORT STRICTLY BELOW 5970 WITH A STOP ABOVE 6000. ONE CAN ADD TO SHORTS BELOW 5915. AVOID SHORTING AT CURRENT LEVELS.
  • IF NIFTY MOVES TOWARDS 6050-6092 AND THEN TURNS DOWN......THEN SHORT BELOW 6015-32 WITH A SL ABOVE 6092. ADD TO SHORTS BELOW 5970. WITH TRAILING SL.

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