NIFTY SPOT : 8322.2
Hi,
Readers,
Nifty moved up
as mentioned in my previous blog, that, this up move of Nifty may prove to be
good one. Rather this move proved to be blasting one. Nifty is running rather
flying up very fast.
Let me also accept
that I expected & mentioned in the blog for Nifty to go up, but, I did not
expected it to go up so fast. Also the last possible targets were expected to
be 8150 - 8250. But Nifty was in a hurry to reach and break all the targets and
even move higher and closed at 8322.2.
This may be a
combination of euphoria & short covering.
Now What :-
Nifty is in
euphoria mood. It is better to book complete profits from all long positions
here and step aside. There is no point taking fresh long positions here even if
Nifty may move few more points further. There is no harm missing some points of
further move(may or may not be) when the risk is high.
Let the market
complete this euphoria and have breather that will be the time to take fresh
position. When the risk reward ratio is not favorable there is no point taking
any trade.
“Jab DO Hathi Lad
rahe ho to side mein reh kar dekna he achha.”
Some of my specifical
analysis are indicating that this may be near to the top formation move for
Nifty. Whether it is actually making top or not. Time will tell.
Better wait &
step aside then to have an accident.
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