Market Update
Nifty again had a weak session and closed around 10525 levels down 75 odd points. I had mentioned in my Post yesterday that fresh longs are not recommended at this level however if someone is already short then he can hold the same with a stoploss of 10660 levels. Nifty today made a U turn from 10650 levels itself.
Nifty has fallen ~250 points in last 3 trading sessions and weakness is still persisting. Further weakness from these levels would suggest that market probably has opened a fresh leg downwards towards 10K levels. However no shorts are recommended at these levels. Market seems rangebound for now between 10500-10650 levels and further call can be taken only once this range is taken out decisively.
Even though Nifty is trading weak the impulse on the down side seems to be missing and I would still stick with my preferred scenario as per which Nifty is making extracting triangle and this is the last down leg (Please ref my 20th Nov post for details). Everything will change if Nifty start falling down with speed that would mean new leg down has started now.
Trading recommendations: We booked profit in our long position (initiated at 10500) couple of days back around 10700 levels and Nifty is already down 170 points from there. Since last couple of days we are suggesting 'wait n watch' approach and same holds true today as well. Fresh long at these levels is not recommended but if anyone is short then is advised to book profit at current levels or hold it with a stoploss of 10620. Market is in tight range between 10500-650 and fresh trading calls will be taken once this range is taken out or I get some other signal. I will try to update my next trade (whenever we decide to go long/short) live and in realtime here itself.
Have a nice weekend & Trade well, Trade wisely.
Nifty again had a weak session and closed around 10525 levels down 75 odd points. I had mentioned in my Post yesterday that fresh longs are not recommended at this level however if someone is already short then he can hold the same with a stoploss of 10660 levels. Nifty today made a U turn from 10650 levels itself.
Nifty has fallen ~250 points in last 3 trading sessions and weakness is still persisting. Further weakness from these levels would suggest that market probably has opened a fresh leg downwards towards 10K levels. However no shorts are recommended at these levels. Market seems rangebound for now between 10500-10650 levels and further call can be taken only once this range is taken out decisively.
Even though Nifty is trading weak the impulse on the down side seems to be missing and I would still stick with my preferred scenario as per which Nifty is making extracting triangle and this is the last down leg (Please ref my 20th Nov post for details). Everything will change if Nifty start falling down with speed that would mean new leg down has started now.
Trading recommendations: We booked profit in our long position (initiated at 10500) couple of days back around 10700 levels and Nifty is already down 170 points from there. Since last couple of days we are suggesting 'wait n watch' approach and same holds true today as well. Fresh long at these levels is not recommended but if anyone is short then is advised to book profit at current levels or hold it with a stoploss of 10620. Market is in tight range between 10500-650 and fresh trading calls will be taken once this range is taken out or I get some other signal. I will try to update my next trade (whenever we decide to go long/short) live and in realtime here itself.
Have a nice weekend & Trade well, Trade wisely.
I thinks that's a wise advise. Th anks
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