03, May
Nifty 3605.45
Now, Nifty has potential of testing 3650 region shortly. But it seems Nifty could see a correction from that levels. Initially, it could test 3580 region. If this region is violated, then it could bottom out between 3520 and 3550.
The stop for the longs for time being is 3580. It is better to cut exposures around 3650. On contrary, if it continuously moves above 3650 region, hold your positions with a close stoploss.
But, as I have said earlier, Nifty is forming a big base for a strong rally in coming trading sessions and it has potential of moving towards 4000 in a very short span of time.
Since Nifty is forming a large bullish triangle pattern, the legs are more violent in both the sides but as time passes, within the pattern the volatility will reduce. So, the violent moves like the one we have seen during this week would not happen in coming trading sessions.
