Dated :- 08. 02. 2015

                                                                   NIFTY SPOT : 8661.05

Hi,

Readers,

Nifty came down further as expected and as was mentioned in my earlier blog. Thus giving more rewards to short positions made earlier.

Book more profits here.

Low risk traders can book full profits here and step aside.

For high risk and professional traders they can book some more profits here and hold the balance small short position for one or two more days with the further trailing stop loss of 8780.

Now let us have a look to the charts position as of now.

Ø Nifty has made evening star pattern on weekly charts. Which is a bearish pattern.

Ø Nifty is standing at 20 DMA and Bank Nifty at 50 DMA. These are normally good support levels in a market which is in uptrend.

Thus it is advised that only professional traders should hold the short position as the volatility will increase in coming days and it is only the professional traders who can handle the volatility can afford to hold the short positions. For professional traders possible target can be 8530 – 8580 where full profits can be booked or latest by Tuesday book full profits and step aside. Because technical bounce in Nifty can be possible any time from these levels.