NIFTY - Bulls to Apogee

NSE:NIFTY   Nifty 50 Index
Nifty not just the intra-day the close hits the maximum. The bears wait or vanish save few places as is the case for bulls in a bear trend. The rotation is healthy and the momentum favour the final break above 17800 towards the magical 18000 (where large stops one can expect). The question is how far above 18 K is the debate. While supports hold 17650 first target is 18050-80 and then towards 18150. This may look conservative but that is how it is. Optically 18500 or the new ATH is the extrapolation. But we are not in a world of that luxury and the best thing is to navigate on one phase to another. The trouble for intra-day trader is going to be the open if it is a gap and that too on a week end. There are no easy answers. The approach in all these cases is one hour move pick the low or high and keep 50-60 pip stop and negotiate. With dollar on the mend, equity else where looking in corrective oversold positions nifty is going make best use of this space. Longs above 17730 for move towards 18000-18050. The recent corrective moves a) have not hit even the 0.382% retracement from the low b) on the latest cycle the fall held the 50% area of support and above the Mid BB. A close above 17800 today prints bi-monthly closing high.

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