Market Update:
Nifty opened again with a gap up but couldn't build up on it and kept consolidated throughout the day before closing 20 points up at 10875 levels. Nifty has broken above its crucial range of 10750-10850 and sustained above it throughout the day today which is a good sign for the bulls. Technically, markets may have started a new leg up and if it does consolidate here for few days ( or even a minor dip) then that should not be a worry sign for bulls. Bears on other hand, must look to cover their position as this market is definitely not favoring them at the moment. Trading wise we are sitting on good profits in the longs entered earlier this week and we are still holding them.
Trading Recommendations:
Like I mentioned in my last post, bulls can hold on to their longs ( even add more longs on the dips).We had entered long at 10600 and 10650 levels and part profit (25%) was booked at 10775 levels. I suggest all long positions can be held in Nifty with a SL of 10780. If you want to add more longs then must wait for some dip ( risk reward ratio has to be in your favor). No shorts are advised at this level and for existing shorts I have just one thing to say "Exit". Don't look at the price and just exit for now, you will get better opportunities to short again later.
Nifty opened again with a gap up but couldn't build up on it and kept consolidated throughout the day before closing 20 points up at 10875 levels. Nifty has broken above its crucial range of 10750-10850 and sustained above it throughout the day today which is a good sign for the bulls. Technically, markets may have started a new leg up and if it does consolidate here for few days ( or even a minor dip) then that should not be a worry sign for bulls. Bears on other hand, must look to cover their position as this market is definitely not favoring them at the moment. Trading wise we are sitting on good profits in the longs entered earlier this week and we are still holding them.
Trading Recommendations:
Like I mentioned in my last post, bulls can hold on to their longs ( even add more longs on the dips).We had entered long at 10600 and 10650 levels and part profit (25%) was booked at 10775 levels. I suggest all long positions can be held in Nifty with a SL of 10780. If you want to add more longs then must wait for some dip ( risk reward ratio has to be in your favor). No shorts are advised at this level and for existing shorts I have just one thing to say "Exit". Don't look at the price and just exit for now, you will get better opportunities to short again later.
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