It’s not by making large profits that money is made over time. It’s by consistently keeping losses small in relation to profits. We make Profitable trade we get excited next trade if we are losing money Most of traders keep holding it in HOPE of getting back to profit and mostly it never comes and they Loss the Profit of there previous trades also.
Hourly charts are showing a smart recovery shown by Nifty from the low of 4950.Every Dip is getting bought into. Only concern are the Volumes Today’s Rise was backed on trade of 3,83,699 Contracts which is less than the Traded Contract in last 12 Sessions.
First sign of weekness will emerge only below 5113 levels. On Upside Resistance is at 5167-5173 zone above which 5196.
On Daily chart pattern as I have been mentioning the break of channel will lead to breakout and move above 5015 was for short term reversal.Both worked fine and we have closed above 5100 levels. 20 SMA@4999 is the Support below which Nifty will be a shorting candidate.
NIFTY Fibo Levels
Levels for Tommrow
Buy above 5125 TGt 5168,5196,5234
Sell below 5113 Tgt 5076,5040 and 5004
Levels Mentioned are SPOT