At the End of day on Friday Nifty Future closed strong and that too with all the days of the week showing higher bottom. This itself suggest how strong the momentum is. The only positive from bearish point of view is that Nifty Future did not cross previous day's high.
Monday happens to be the 83rd day from the low of the 4786.I would like to advise caution at higher levels.Existing short positions should be held with a stop loss of 5940. Aggressive traders sharing my view may even consider going short at first sign of weakness with stop loss of 5940. Alternatively, one can consider going short below 5850 with stop loss of 5880. On the down side, it will find support at 5800 and 5775. Close below 5800 should be considered that we are ready for a healthy correction.
All the best.
Monday happens to be the 83rd day from the low of the 4786.I would like to advise caution at higher levels.Existing short positions should be held with a stop loss of 5940. Aggressive traders sharing my view may even consider going short at first sign of weakness with stop loss of 5940. Alternatively, one can consider going short below 5850 with stop loss of 5880. On the down side, it will find support at 5800 and 5775. Close below 5800 should be considered that we are ready for a healthy correction.
All the best.
