After holding for a day, Nifty takes the opposite direction to the prevailing trend. It now gives a fair good change to go short at resistance levels.
Our Intra day long Nifty was stopped out and got new entry in the next hour at 4716.00. Hold Intra day long trades as there is further upward momentum at present. Nifty is likely to find resistance at 4850 levels, where intra day longs get weak and new opportunity to short both on Intra day and daily unfolds.
Short Nifty for daily trades above 4857, stop of closing and breach of high above 4961. Target of 4650.
Our filled calls:
Tata Sponge: Takes support and moves up. Hold for target.
Hindalco: Trailing, but stop intact. Hold.
ICICI Bank: Stop intact, stock is in sideways. Exit on the next move up.
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