First things first, Nifty is on an uptrend on the daily charts.
As discussed yesterday, Nifty took support on the trend line and bounced back from there. This was a good sign but what needs attention is that the candles have not crossed the decider (middle line) on the upside. We can let our guards down a little once this is done but till then, we have to be cautious.
Hourly charts give us a support at 14750 so you can go long, if you have to with a stop below 14750. Targets can be 15050 and even 15150.
We have already gone long yesterday and we should be looking at profit booking today so I would opt for NOTA (No Trade) today as the end to end risk to reward ratio, 14630 vs 15050 is not favorable.
As discussed yesterday, Nifty took support on the trend line and bounced back from there. This was a good sign but what needs attention is that the candles have not crossed the decider (middle line) on the upside. We can let our guards down a little once this is done but till then, we have to be cautious.
Hourly charts give us a support at 14750 so you can go long, if you have to with a stop below 14750. Targets can be 15050 and even 15150.
We have already gone long yesterday and we should be looking at profit booking today so I would opt for NOTA (No Trade) today as the end to end risk to reward ratio, 14630 vs 15050 is not favorable.