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Nifty had delivered buy signal on the shorter timeframes and will this rally will sustain on the higher timeframe? where the stop loss should be placed if initiating longs? For optimal reasons we chose a exit point very closer to the current nifty spot price. By choosing 5EMA High-Low Trading system we found that nifty had crossed the 5EMA Lower Channel 4689 and now 4689 can be taken as support for a positional target towards 5EMA High region and it is currently around 4941 and likely to expected to be around 4900-4940 zone so the target can be roughly estimated anywhere between 4900-4940. As the week is going to end Nifty should hold above 4689 on EOD for the Buy signal to remain valid else the position needs to be closed or reversed to shorts.
