Medium Term Trend: ↑ UP (Changes to down below 11100)
Nifty Pull Backs: : Nifty opened positive around 11700 today but saw some bit of profit booking at higher levels and fell below 11600 levels. It closed at 11590 levels ( down 70 points).
In previous post we had clearly mentioned that even though the near term trend of the market remains on the upside some amount of pull back or profit booking is likely form these levels as markets are approaching overbought zone from short term perspective. also Nifty had runup quite a bit in last 7-8 tradng sessions so the downmove is totally on the expected lines.
Going forward, now that we have broken below 11600, sustained trading below 11600 could invite a bit more selling and push Nifty down a bit more from here. On the downside 11400-450 zone should offer a strong support but even its broken, Nifty can find support anywhere in 11100-11550 zone. Its a big range hence traders are advised not to go short but wait for right opportunity to go long ( on the first sign of a breakout). Overall trend remains up as long as 11050 level stays intact.
From trading perspective we exited our longs @ 11690 levels in the morning session today itself. below are some of the messages/chat excerpts we shared with our subscribers ( note these are not 100% messages)
01/10/2019, 14:31 - : Nifty 11300.keep holding all longs... Dont panic
10/2019, 09:18 - : Keep holding all longs, and wait for msg to add more longs
04/10/2019, 14:41 - : *nifty 11215 continue to hold all longs*
04/10/2019, 15:29 - : 11170. Carry all Longs for next week
9/10/2019, 09:16 - : Good morning nifty trading flat. Continue holding all longs. Will add one more part long later.
09/10/2019, 12:02 - : Nifty 11220. Up 95 points Keep holding longs, will add more longs above 11240 levels..
09/10/2019, 14:16 - :*nifty 11250 buy one part / sell nifty 11200 PE @ 150*
09/10/2019, 15:02 - : Nifty 11320. Carry all long positions for tomorrow (less risky traders can book some partial profits)
10/2019, 09:40 - : Nifty 11360. Up 120+ Continue holding all longs. Less risky traders can book partial profits
15/10/2019, 12:08 - : *nifty 11200 put book profit at cmp 79*
5/10/2019, 20:19 - : <Media omitted>
16/10/2019, 15:13 - : Nifty 11470. Carry long positions for tomorrow
17/10/2019, 10:12 - : Good morning, nifty continue to trade positive at 11475 levels. Continue holding 2 parts long
17/10/2019, 10:13 - : Nothing to be done for now. We need to observe mkts for some time before taking fresh trading calls. We hold longs with a SL of around 11375 levels now.
17/10/2019, 13:44 - : Nifty 11540. Nothing to be done, continue to carry long positions (less risk traders can book some more partial profits)
17/10/2019, 15:16 - : Nifty 11590 carry balance long (2 parts) for tomorrow.
17/10/2019, 15:33 - : http://.com/2019/10/nifty-analysis-outlook-and-trend-for_17.html?m=1
18/10/2019, 09:19 - : Good morning, nifty trading flat @11565. Keep holding 2 parts long
18/10/2019, 09:22 - : SL for existing longs raised to around 11475 levels now.
18/10/2019, 12:02 - : Nifty 11640. Inching towards recent high of 11695.
18/10/2019, 12:03 - : Continue to hold balance long position.
18/10/2019, 15:19 - : Nifty 11660. Hit a high of 11685 (just 10 points shy of new high). Carry bal long positions for next week.
18/10/2019, 15:59 - : http://.com/2019/10/nifty-analysis-outlook-and-trend-for_18.html?m=1
22/10/2019, 09:19 - : *nifty 11685 book profit one part*
22/10/2019, 09:38 - : *nifty 11665 book profit bal one part*
22/10/2019, 09:38 - : No open position. Wait for next trade
22/10/2019, 09:48 - : Some profit booking is likely from here.
22/10/2019, 13:57 - : Nifty 11617. As expected, some pull back from 11700 levels. Fall can stretch if nifty breaks below xxxxx levels
22/10/2019, 13:57 - : Nothing to be done for now.
22/10/2019, 13:58 - : Preserve profits, will advise when have to enter again
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