NIFTY SPOT : 8550.7
Hi,
Readers,
Today also Nifty moved
up as was mentioned in my yesterday’s blog.
It was
mentioned that as per my analysis Nifty should move run through from today
on wards. Nifty did exactly that.
Nifty should
have moved much more today and close of Nifty for today should have been much above
8550. But ironically it closed exactly at 8550.70. Which may be the first sign
that bullish momentum may not be as bullish as expected. Time will tell. Only
one day’s movement which was on expected lines, may be with less steam, should
be given benefit of doubt.
Nifty made a
doji pattern with gap on daily charts today which is normally considered to be
the state of indecision.
On even the
slightest doubt about the bullish steam,
one thing one must do is to book part profit here only and trail the stop loss for
the balance position to 8450 closing basis.
Trade Accordingly.
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