Nifty Fut initially Op & High at 16288 – failed to cross our 1st time tentative hurdle 16300. So primarily basis Sell idea activated – then low 16220. Down side Tgt met for sell. But as Nifty took support from 16220 in the 1st leg of the session and then by 2nd attempt not only crossed 16300 but also moved upto 16350 –So our buy on dips call after executing Tgt also met.
Remarks :- This is the 4th consecutive positive trending move throughout the week of New August series initially after crossing 15777/840 & mainly after crossing the range 16900/930.As uncharted so upside projection is difficult -16350 already a resistance area. Intraday players should book their profit but Swing basis those are still in plus after breaking the range their stop should be trailed at 16080/16120 for the revised tgts of 16380-16430 & 16555. Cmp 16320.
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