Market Update:
Nifty opened smartly with a gap up at 10800 and kept the momentum up for the whole day before closing at 10858 around 130 points up. I have been saying since last few days that 10750-10850 is a critical level as in October market had opened with a gap down at 10750 and till date this gap remained unfilled. Nifty took its time at this level and even dropped to 10500 after touching 10760 last week. We were long in Nifty from 10500 levels exited at 10700 and again went long at 10600 levels (position still open)
I also mentioned in my post yesterday that expiry day is crucial and will probably set the trend for Dec series. I had also mentioned that Nifty has probably finished the corrective downmove and should make a high above 10765 levels today to confirm that. Nifty obliged by opening above that level. There was a wave of short covering today which was evident throughput the day and this probably should continue for few more days. Its now a buy on dip market and all buys should be utilized to get into long positions. Technically Nifty might have started a new leg upwards but that doesn't mean you can go and long at any level, the entry point has to be a low risk zone.
Trading Recommendations: We initiated two trades in last couple of days ( both trades were updated here live and in real time)
Trade-1 Buy @ 10595 50% sell @ 10735 and bal 50% sell today @ 10810 ( profit of around 160 points)
Trade-2 : Buy @ 10650 - Position is still open and not squared off
All longs can be held with a SL of 10780 now. No shorts are advised at this level and if you want to go long then wait for a dip else it will be risky to buy at current levels ( markets can anytime give a correction of 100 points).
Nifty opened smartly with a gap up at 10800 and kept the momentum up for the whole day before closing at 10858 around 130 points up. I have been saying since last few days that 10750-10850 is a critical level as in October market had opened with a gap down at 10750 and till date this gap remained unfilled. Nifty took its time at this level and even dropped to 10500 after touching 10760 last week. We were long in Nifty from 10500 levels exited at 10700 and again went long at 10600 levels (position still open)
I also mentioned in my post yesterday that expiry day is crucial and will probably set the trend for Dec series. I had also mentioned that Nifty has probably finished the corrective downmove and should make a high above 10765 levels today to confirm that. Nifty obliged by opening above that level. There was a wave of short covering today which was evident throughput the day and this probably should continue for few more days. Its now a buy on dip market and all buys should be utilized to get into long positions. Technically Nifty might have started a new leg upwards but that doesn't mean you can go and long at any level, the entry point has to be a low risk zone.
Trading Recommendations: We initiated two trades in last couple of days ( both trades were updated here live and in real time)
Trade-1 Buy @ 10595 50% sell @ 10735 and bal 50% sell today @ 10810 ( profit of around 160 points)
Trade-2 : Buy @ 10650 - Position is still open and not squared off
All longs can be held with a SL of 10780 now. No shorts are advised at this level and if you want to go long then wait for a dip else it will be risky to buy at current levels ( markets can anytime give a correction of 100 points).
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