Trading is an art which requires Discipline and Control your emotions.I come across many people who wants a system which generates BUY and SELL call but my friends no system in this world can put human emotions and hence your MIND is best system.
Discipline and Self Control (Fear/Greed) are the best tools for a TRADER.
Nifty Hourly Charts
I have applied the 5EMA/20 SMA system on Hourly chart and Have a look at the result.
Whole move from low of 5400 to high of 5600 has been captured.
On Hourly Chart there are 2 gaps remaining 5500 and 5531 levels which should provide support in case of correction.
Hourly Indicators are overbought but this should not be used to Short market as Indicators can remain overbought and oversold for extended period of times.
Let the Trend weakens first than Nifty should be shorted.
Nifty broke out of 5600 range which was eluding it for months now it got broken with FII and DII buying.
Nifty Daily Chart
Nifty Daily Chart is on a Crucial juncture hovering around 200 DMA will the Bulls have power to move the Index over 200 DMA@5684.
Above 200 DMA BULLS exists and below 200 DMA Bears exists.
If nifty is unable to cross 200 DMA than the rally will be turned as suckers rally and we are heading to 5000 and 4700 levels.
On Weekly Chart Nifty is moving in a channel as shown above. If nifty is able to break this channel on upside for coming week we should move back to 5800-5900 range.
Nifty Resistance:5684,5764 and 5844
Nifty Support:5605,5548 and 5471
Trade with Levels and Earn Profit.
Please DO not speculate on trend.Trade Price and Volume Action.