NIFTY gapped up today on opening, that's good a gap in the direction of the prevailing trend is an advantage to the market. Now that the resistance is broken with strength, what next? Next resistances on NIFTY is at 5185-5210 levels, with the MACD rising higher and higher on ever incoming hour, there is a possibility of giving a peak which will lead to further strength on the bullish side for the market. Well that is real good news, right. Trend traders holding to long position from 5035 have seen a peak gain of 125 points now, great going.
The value zone presently at 5100-5073 levels makes our long trade safe. Swing traders need to wait for retracement to value, price needs to move into the value zone drink some energy tonic and then move up from its strength. Some times it happens that the market keeps moving higher and higher without reaching value zone, when it finally comes down, it will be totally exhausted and give some whipsaws before changing direction.
What is in store for us in this trade is not known, we are trading our beliefs and charts. At present the probabilities are in favor of the bulls on the hourly time-frame. Enjoy bullish profits.
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