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Nifty future has some Resistance at 5365 zone, Traders be Alert

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Nifty future has been trading higher for last few days, I am expecting the up move to continue. However daily chart suggest me of some resistance for nifty future around 5365 level. I will wait to see if nifty future breaks above this resistance, once nifty future trades above 5365 level I will take long positions. I suggest traders to open the trade in the direction of the trend, which seems to be up right now. European and American markets were looking very supportive, this will bring in fresh liquidity into our markets. Hope of interest rate cut by RBI is getting higher and higher, this may bring some confidence in market.

Trading idea will be to buy nifty future only above 5365 for target of 5410 and then 5454 level. My stop loss for this trade will be below 5320 zone. Risk reward ratio seems to be comfortable and is worth taking risk.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Vandhana Karthick says

    Yes your prediction is right for the short term, Nifty may touch upto 5600-5700 till diwali without any major hurdles.

    Reply

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