Market Update:
Interesting day today. Market opened weak and kept trading in negative territory throughout the day before closing around 80 points down to 10780 levels. Even though Bears won today, looking at broader picture nothing much seems to have changed. Nifty is falling but the momentum is not visible on the downside and overall fall from 10950 levels seems like a corrective fall. We had a SL of 10775 ( for our longs initiated at 10650) and whole day market kept trading above 10775 ( broke it temporarily around 2:45 PM but the actual candle close on 30 min chart was above it) and in any case the actual closing of the day was above 10775 so we can carry the positions for now. Gap up/down days are always tricky to trade and one should carefully observe the momentum before taking a trading call on such days.
Technically speaking Nifty has a strong support at 10750-10830 levels which held on today. A break below todays low will warrant a change in overall strategy, however, if Nifty can hold this level ( probability is that it will) then we can soon expect a move up.
Trading Recommendations:
I updated the SL levels 2-3 times during the day in real time here, and for now I recommend that you carry your longs. As I mentioned Nifty has a strong support between 10750-10830 and stand will be changed if Nifty breaks todays low. On the upside if Nifty crosses 10830-840 then I might add more longs. So keep watching this space :)
Interesting day today. Market opened weak and kept trading in negative territory throughout the day before closing around 80 points down to 10780 levels. Even though Bears won today, looking at broader picture nothing much seems to have changed. Nifty is falling but the momentum is not visible on the downside and overall fall from 10950 levels seems like a corrective fall. We had a SL of 10775 ( for our longs initiated at 10650) and whole day market kept trading above 10775 ( broke it temporarily around 2:45 PM but the actual candle close on 30 min chart was above it) and in any case the actual closing of the day was above 10775 so we can carry the positions for now. Gap up/down days are always tricky to trade and one should carefully observe the momentum before taking a trading call on such days.
Technically speaking Nifty has a strong support at 10750-10830 levels which held on today. A break below todays low will warrant a change in overall strategy, however, if Nifty can hold this level ( probability is that it will) then we can soon expect a move up.
Trading Recommendations:
I updated the SL levels 2-3 times during the day in real time here, and for now I recommend that you carry your longs. As I mentioned Nifty has a strong support between 10750-10830 and stand will be changed if Nifty breaks todays low. On the upside if Nifty crosses 10830-840 then I might add more longs. So keep watching this space :)
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