Market Update:
Nifty opened weak and traded around 10510 levels before shooting up and closing around 10630 levels ( up100+ points). I had mentioned in my previous post that Nifty seemed to be in range and no long/short is recommended at this level and if anybody is short then profit booking is recommended at current levels ( 10530).
Most analyst and channels have been saying since last 2-3 days that Nifty is appearing weak and advising their clients to go short at current levels however I kept saying that even though Nifty is down 250 odd points in the last few days, the impulse on the downside seems to be missing. Market has given a slight hint that probably its ready to break the range and head towards higher level. That's the reason we decided to enter long position (I updated my trade in real time). We might add on to our longs if we feel Nifty is going to touch higher levels or exit our positions ( all depends on what Nifty does in next 2-3 days). Technically, I still feel Nifty is making an extracting triangle and is in its last leg ( E leg). Today probably it completed its E leg however its still not confirmed and we need further confirmation. Will keep updating as and when it happens.
Trading recommendation: We went long today around 10595 levels ( trade was updated here in real time) and still holding on to it with a SL of around 10515 levels. Will keep reviewing our trade and modify our SL according to Nifty movements. For now don't keep any target just keep a tight SL, need to see how Nifty is behaving before deciding on upside targets. If we get further confirmation then we might add more longs at higher levels.
Nifty opened weak and traded around 10510 levels before shooting up and closing around 10630 levels ( up100+ points). I had mentioned in my previous post that Nifty seemed to be in range and no long/short is recommended at this level and if anybody is short then profit booking is recommended at current levels ( 10530).
Most analyst and channels have been saying since last 2-3 days that Nifty is appearing weak and advising their clients to go short at current levels however I kept saying that even though Nifty is down 250 odd points in the last few days, the impulse on the downside seems to be missing. Market has given a slight hint that probably its ready to break the range and head towards higher level. That's the reason we decided to enter long position (I updated my trade in real time). We might add on to our longs if we feel Nifty is going to touch higher levels or exit our positions ( all depends on what Nifty does in next 2-3 days). Technically, I still feel Nifty is making an extracting triangle and is in its last leg ( E leg). Today probably it completed its E leg however its still not confirmed and we need further confirmation. Will keep updating as and when it happens.
Trading recommendation: We went long today around 10595 levels ( trade was updated here in real time) and still holding on to it with a SL of around 10515 levels. Will keep reviewing our trade and modify our SL according to Nifty movements. For now don't keep any target just keep a tight SL, need to see how Nifty is behaving before deciding on upside targets. If we get further confirmation then we might add more longs at higher levels.
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