Nifty Buy or Sell?????

In my previous blog I had given the targets for nifty for short term which achieved very fast. After that Nifty came up but it has started losing momentum. Nifty broke the recent high but volumes were very low, the same thing happened with Sensex. Now the question is that whether we should consider that as a breakout or not??? In my opinion breakout without volumes is very risky to trade. So let’s wait for Nifty to break its recent High (5344) to accumulate position once again.

Now the crucial support will come around 5245 and then 5180. If Nifty goes below 5180 that will confirm the break out was false breakout. But if Nifty sustains above 5344 then the next resistance will come around 5450-5500.

To conclude, put a stop loss below 5180 in Nifty and hold the long positions. If Nifty breaks 5180 then start exiting long positions. Happy trading!!!!!!!!!!!