d spil was in place wen i talked of CALCULATION ERROR on thrsday evning..bt it was in filter & i gav it a chance of a sesion more 2 see d strenth of d bulls which was elusive ystrday.now let me see a big big rally on monday 2 change my view.
1. I am not predicting anything...just using popular TA tools Trendlines, Grand SMAs 100, 200, and Fibonacci price and time retracement...to assess the situation. TREND is Up, assumed.
2. 50% Fibo-Time retracement is already there, but NIFTY may take 62%...i do not know...but it would be better option.
3. Also if NIFTY comes to test 5100 and swing changes to up...my stop loss will be more safe for the long term LONG position.
AT 5100 there are (a) two swing supports, 5077, 5099 (b) 50% price retracement (c) 100 SMA and (d) by then 62% time correction would be done.
4. Stay alert for a bullish WW intraday 5 min or 15 min chart at this 5100 level.
5. For next session - Case 1 - NIFTY must take out 5312 and close higher for uptrend to resume...Case-2 - If we close below 5200 means we are going DOWN at least to 5100. Right now no entry situation.