"INSIDE DAY" BAR BREAKOUT
http://www.traderji.com/derivatives...trading-part-2-positional-179.html#post224633
All the key levels remain same because of "inside day" bar pattern of yesterday... ie yesterday, nifty ranged between high & low of tuesday.
(going from higher level to lower level)
4300/4311 - R3, 50DMA
4282-86 - strong resistance as in 60 min
4258-
67 - 4267 is 20DMA & also R2
4244
4227-29 - HOD of yesterday, BO level of Inside bar, R1=4225
4196-4210 - 20HSMA, if we have pennant or flag pattern in 60 min, then likely BO point of that pattern...
4184 = pivot
4163
4150-4140-4130 - LODs, S1, 50HSMA,
4100 - Also S2
4072
4050 - Also S3
One can make out from the tightly packed levels from 4100-4300 that a breakout is not only imminent but also required...
RSI levels as in:
60 min - 48
5 min - 70
Ideally, this means a drift down at open, ranged for sometime (maybe flirting with LODs) and completing flag/pennant, and then let's see...BO
Personally, I would be considering buying on dips in bits till 4100 is held, using small quantity...