Last time we exited from our Short position in Nifty at 10072 sensing a bounce back.
We expected the bounce to get halted in the 10200-10240 zone however there were no signals of initiating a short position...
In the current set up at cmp & on any rise if gets rejected around 10340-10360 may be a good shorting opportunity for initial target of 10180
Keep a small 30 point SL
Take care & safe trading...!!!
Сделка закрыта: достигнута тейк-профит цена
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Was expecting a bounce in Nifty from 10245 levels. Nifty opened weak but recovered and went in to green in 1st half on expected lines and then we saw it getting rejected.... and fell all the way down hitting our target of 10180....
We close our position and wait on lifelines for next trading signal....
Do hit the like bitton if u guys found it useful and
Looks like nifty will break 10100 tomorrow?? Any views
indiamarketoutlook
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@Amitgandhi1992, Hi Amit, If we look at charts, yes Nifty has fallen for 2 consecutive days but so far it has not broken the trend line support... Also in Today's fall Nifty has just filled the gaps and managed to close above it... suggesting bulls have not given up... & / or bears are not confident just yet...
As per Dow theory, Markets tend to fill gaps at some point in future & also trend is ur friend. So we respect trend line support as strong zones...
Our target was based on these two parameters of testing trend line support coinciding with gap zone ...
So we take it step by step...
Going forward, if on rise, price action gets rejected around 10240
or
if Nifty breaks 10145 levels can we say that Nifty will fall further...
Both these levels should be closely monitored as these levels have the potential to indicate whether bulls are getting jittery & bears getting stronger or other way round...
On 5 min chart looks like double top has been formed, I think one more short can be initiated around nifty spot 10260 - 70 (spot) for 50 - 60 points with SL of 15 points
Amitgandhi1992
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I am having nifty 10400 ce brought @78 ?? What should i do ??
Nifty has some support in the zone of 10245-10265 levels.
if it holds u may get a chance to exit at or above cost.
Look to exit if Nifty is closing below 102405 levels
Also u may consider selling 10500 Call option currently around 42.
indiamarketoutlook
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@indiamarketoutlook, Selling 10500 Nifty call option will hedge your position & give you some breathing space as it will reduce your cost of buying 10400 Call option from 78 to 36 (78-42)