After making new ATH is it the time for consolidation?

24 Sep

Three things can happen from here which usually happen when a new milestone is hit. Either Nifty can consolidate for a while, Either it can test supports till it find it's feet or it can fly ahead further. We should be prepared for either of the three happening. The best way for doing it is look forward to get new highs with feet on the ground. Feet on the ground will be having stop losses and trailing stop losses for your trade in place. Support level for Nifty are at 25863, 25668, Mother line (50 hours EMA) support of 25639, 25528, 25336 or even 200 hours EMA which is at 25170. The support zone between 25668 and 25639 is pretty strong. Resistances on the upper side are 26011 and 26114. Shadow of the candle is neutral to positive.

25 Sep

Nota

No change in Nifty view. All the targets and resistances remain the same. Positive thing is that we have a closing above 26K for the first time. The nifty surely going towards over heated/ overbought zone. Keep your stop losses and trailing stop losses in place. shadow of the candle still neutral to positive.