Nifty and Brexit part -2

NSE:NIFTY   Nifty 50 Index

In Part one we have seen the movement on half hourly chart and market moved according to our expectation.

Lets check the daily charts .

We are at the 61% of all time high to 52 week low move. Daily chart is suggesting that we have tested the levels and tried to retest it, but we got restricted at 8257.

If we ignore the news part or global events like Brexit and just follow the chart then this is not good place to be, in any trade on daily chart at lest. We will long or short only if we close above or below the recent swing high and swing low.

If we decide to capitalize the opportunity given by uncertainty in brexit then one can go for long strangle strategy.

Important levels which can be targeted are marked on chart, as we have conjunction of two Fibbonacci levels from two different impulse legs.

With Fibonacci one can use following Gann levels or can use them separately.

6380 7430 8560
6510 7570 8710
6640 7710 8860
6770 7850 9010
6900 7990 9160
7030 8130 9310
7160 8270 9460
7290 8410 9610

7980 was 23%, we traded intraday, below 23% and closed above it. If we close below it then 7788 will be next target on down side.

8294 is next target on up side.

If you look at yesterday's candle then one thing is clear that for intraday trading bulls were in full control. Its important to see what we will do till month end.
Thanks for strategy on Nifty.,
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