Today after opening with a gap Nifty remained sideways and came down to fill the gap left in the opening session. In the last 2 hours it continued to make higher bottom/higher top and made a high of 5488 and closed near the top at 5478. Considering the up move in the US markets, there is a good possibility of the up move to continue tomorrow.
While there is no denying that we had a sharp up move today and we are decisively back inside the channel, we must remember that the up move was with lower volume compared to yesterday - when we saw recovery after a sharp decline. Moreover, the oscillators are still indicating negative bias hence caution is advised at higher levels, as we could just do a double top at 5545 and reverse again.
For tomorrow, I would not advise to buy on a gap open. However, if there is a pull back up to 5444, one can consider going long with a strict stop loss of 5415. On higher side, we will have resistance at 5500 and 5555.
Positional traders Short nifty 5530-5545 area and with Strict SL 5565 .
All the best.
All the best.
Uma sir,
ReplyDelete1. As u know I was short in Banknifty fut around 9200 range, and u told me to hold with SL of 11200. Banknifty fell to 10700 and frm there is back at 10960 now. What should be done? Should I hold or sqr. off and book a huge loss?
2. Neither Treads nor Bindalchem has performed. In fact they are down. You were expecting them to blast and advised me to buy them so recover my banknifty's losses.
Pls. advice on both the points.
Regards,
Subrata Dutta
Subrata Dutta
ReplyDeleteActually nifty looking weak ....but regain strength because of US MFG data yesterday ....every analyst expected 53% ...but that was 56.3% (100% manipulative)juzz how that much deference....,In India also same manipulation goin on ....we don't know when this maniplation end ... but one thing is clear .. if fall started ... that is minimum 1000 points crash ...So...patience is main thing here...Now 5565 (this z for all trades)SL For all trades ....there after one more maniplative rally will happend ... in that place you short again ...So.... hold with tight sl .
whats your YM ID ?
subratadutta5@yahoo.com
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