Market Update:
Nifty spent most of the day in narrow range between 10850-10900 before closing down around 15 points. Like I said in my previous post, Nifty is witnessing a bit of profit booking after running for almost 900+ point rally in last month or so. The last 300 point rally has come as a major surprise to many as majority was expecting Nifty not to cross 10700-10750 levels. But that's what markets are all about, they always surprise.
For now Nifty remains in a bullish trend but that doesn't mean we cant see a dip from here offcourse we can see a dip but it should be utilized to go long. When Nifty was at 10500 levels I had mentioned that Nifty is just setting itself nicely for a move up and now we have already seen a rally of 400+ from those levels. I feel nifty can go further up from these levels before a meaningful correction sets in.
Trading Recommendation:
Like mentioned earlier, keep holding the longs (initiated at 10650) with a SL of 10820. If this level is breached then sit out and wait for next trade.
For shorts, I have been saying this for last many days that no shorts are recommended at this level and one should get out from any short position he has in Nifty. You should get much better opportunity for shorting later.
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