Gap up opening as expected, NIFTY opens into a new bullish trend on the hourly chart. Swing traders await signals for trading long. Value zone is quite far away at 5046 moving at a speed of 12 points per hour. The likely intersection levels are somewhere in between. Will NIFTY hit the EMA junction, which is fast approaching its price?
If the ensuing bullishness gains further strength, it is not likely and NIFTY will move parallel to its averages. We trade only after intersection and wait till that happens. Swing traders keep a close watch on the price moves.
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