Near Term Trend: ↔ (sideways with a positive bias)
Market update: Nifty opened on a strong note at 10800 and kept marching higher and finally closed at 10890 levels up 150+ points. Nifty saw good momentum on the upside after so many days and closed and added lot of points above the opening prices.
Till recently bulls were failing to add any points above the opening price levels however todays trading was different we saw good amount of buying and that too with good momentum. When we covered our shorts yesterday @10700 levels many were telling me that its not a right decision that too when market has given a breakout from the trading range (contraction). However I had been continuously mentioning in my posts that the first breakout would most likely be a false breakout just to lure in the unsuspecting traders.
I also mentioned that yesterdays break out could be a 'bear trap'. That's the reason we exited and booked some 80-90 point profits in our short positions.Nifty gave a sharp upmove today and has proved that yesterdays breakout below 10750 levels was just a 'bear trap'. We even added longs today @ 10822 then 10854 and just before closing @10885 levels. I also kept mentioning that one leg on the upside is pending and today (probably) Nifty has started that up leg already.
So what next? is the near term trend has changed to positive now? I would say probably yes but we need to see some more evidence before we conclude that. First hurdle is 10920 levels and after that a solid resistance at 10980 levels. We are not setting any profit target for now and will see when to exit basis how market behaves during upcoming trading sessions and will exit/book profits accordingly.
Overall please keep in mind that market still remains in a corrective mode and any upside can terminate anytime without giving any warning so pls be careful. All trades have to be properly managed keeping in mind many factors, so don't be reckless. Its not a market where you can blindly go long or short.
Trading Recommendations: We exited our shorts yesterday and booked profits @10700 levels and have gone long today. For now I don't recommend shorts ( one might get better shorting opportunities later on). If you are wondering why I have changed my stand from bearish to bullish positions then its because charts are telling me so. I will always do what charts are telling me and my motive is to be on the right side of market.
Imp thing:After Friday (18th jan), we will not be posting our trading details and trading recommendations ( entry exit points) here as we are turning paid and our trade recommendations will exclusively be reserved for our paid subscribers ( will continue to post my general market view though). In case you wish to join us pls follow below link ( subscription fee is kept as bare minimum as an introductory offer)
https://niftywaveindia.blogspot.com/2019/01/join-us-on-whatsapp-how-to-subscribe.html
Thanks & Happy Trading to you!
Market update: Nifty opened on a strong note at 10800 and kept marching higher and finally closed at 10890 levels up 150+ points. Nifty saw good momentum on the upside after so many days and closed and added lot of points above the opening prices.
Till recently bulls were failing to add any points above the opening price levels however todays trading was different we saw good amount of buying and that too with good momentum. When we covered our shorts yesterday @10700 levels many were telling me that its not a right decision that too when market has given a breakout from the trading range (contraction). However I had been continuously mentioning in my posts that the first breakout would most likely be a false breakout just to lure in the unsuspecting traders.
I also mentioned that yesterdays break out could be a 'bear trap'. That's the reason we exited and booked some 80-90 point profits in our short positions.Nifty gave a sharp upmove today and has proved that yesterdays breakout below 10750 levels was just a 'bear trap'. We even added longs today @ 10822 then 10854 and just before closing @10885 levels. I also kept mentioning that one leg on the upside is pending and today (probably) Nifty has started that up leg already.
So what next? is the near term trend has changed to positive now? I would say probably yes but we need to see some more evidence before we conclude that. First hurdle is 10920 levels and after that a solid resistance at 10980 levels. We are not setting any profit target for now and will see when to exit basis how market behaves during upcoming trading sessions and will exit/book profits accordingly.
Overall please keep in mind that market still remains in a corrective mode and any upside can terminate anytime without giving any warning so pls be careful. All trades have to be properly managed keeping in mind many factors, so don't be reckless. Its not a market where you can blindly go long or short.
Trading Recommendations: We exited our shorts yesterday and booked profits @10700 levels and have gone long today. For now I don't recommend shorts ( one might get better shorting opportunities later on). If you are wondering why I have changed my stand from bearish to bullish positions then its because charts are telling me so. I will always do what charts are telling me and my motive is to be on the right side of market.
Imp thing:After Friday (18th jan), we will not be posting our trading details and trading recommendations ( entry exit points) here as we are turning paid and our trade recommendations will exclusively be reserved for our paid subscribers ( will continue to post my general market view though). In case you wish to join us pls follow below link ( subscription fee is kept as bare minimum as an introductory offer)
https://niftywaveindia.blogspot.com/2019/01/join-us-on-whatsapp-how-to-subscribe.html
Thanks & Happy Trading to you!
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