Buy only upon bullish breakout of the triangle. The trade is strictly positional. The markets could gap up and leave intraday traders without a good entry point.
already nifty travelled 11700 to 12900 (high of yesterday) 1200 points wave i.e. 2nd nov to 14 nov.
Earlier bull wave same 1200 points 25 sept to 12 october... 10800 to 12000...
I think nifty rewarded a decent rise thatswhy i said sky is limit....
If you think 13100 high next week then after that market will fall like anything... which wont happen as ahead christmas is there which is celebrated globally...
Diwali is over...
operators are supreme...
This is my prediction...
dharmesh79576
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@npritish, Like I said the market is extremely bullish and has crossed 13000 and could probably reverse at 13100.
Anyways, happy trading!
Kirandeepc
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Agree as 5 wave can't show such momentum only triangular breakout can show this type of momentum whose target is also almost reached or reach within one or two days, Good Insight.
dharmesh79576
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@Kirandeepc, Yeah, besides it is also important to figure out which sectors could propel nifty higher. I expect auto and pharma to outperform.
Kirandeepc
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@dharmesh79576, Yes Beside Auto and pharma I think metal sector can also perform. Cnxmetal is looking good and JSW steel in past 12 years shows good numbers till December, only two years it lag.Auto,Pharma and Metal I think will be good.
npritish
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Make a note 13000 will not cross till december end unless vaccine news...
Reason 1. Trendlines multiyears multiweek
2. Upcoming quarter results
3. Moratorium
dharmesh79576
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@npritish, It is possible that nifty may face resistance at 12820-850 levels but once that it crossed we would be looking at anything between 13105-195.
already nifty travelled 11700 to 12900 (high of yesterday) 1200 points wave i.e. 2nd nov to 14 nov.
Earlier bull wave same 1200 points 25 sept to 12 october... 10800 to 12000...
I think nifty rewarded a decent rise thatswhy i said sky is limit....
If you think 13100 high next week then after that market will fall like anything... which wont happen as ahead christmas is there which is celebrated globally...
Diwali is over...
operators are supreme...
This is my prediction...