NIFTY SPOT : 8808.9
Hi,
Readers,
Nifty moved as
expected and as was mentioned In my previous blog.
It was mentioned
that short term charts are saying that around 8927 level of Nifty correction
may become imminent. Same happened Nifty however due to expiry stretched a bit
more it closed at 8952 on expiry day. Nifty even made an intraday high of
8985-8995 also but these are only gimmicks of expiry day’s and it has to do
with expiry management only.
Correction which
was imminent as per shorter time frame charts has come. The correction was so
severe that Nifty shed more than 200 points from the high in a single day.
Now What :-
Book part profits
here and trail the balance short positions with the strict trailing stop loss
of 8930.
Nifty has made
bearish engulfing pattern on daily charts and has also made shooting star on
weekly charts. Thus it is logical to carry balance short positions with the trailing
stop loss of 8930.
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