Can Nifty Rebound From This Level

tvc_013ee074a4258e3f33213b14ae8f3bddThere seems to have a strong support for Nifty in the 10175-10300 zone as it is retesting this level again and again. As you can see in the above picture, it has touched this level 6-7 times but rebounded strongly after that.

The latest Nifty chart has clearly given a breakout which has been shown as a blue line. So a trade can be initiated at this stage. I have taken a trade at the price of 10193. My stoploss will be 10150 and I’ll close the trade if it touches 10340-10350. The risk reward ratio for this trade is roughly 2:1.

I’ll update you about the outcome of this trade next week after  it’s closed.

Latest Update: I booked a profit of 9700 Rs in this trade on 13 March.

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