Dated :- 07.05. 2017                                 NIFTY SPOT : 9285.30

                                                                                                         

Hi readers,

Nifty gave the breakdown as was mentioned in my previous blog dated May 05, 2017,  but the follow through was not that much as it should have been. It came down but the speed of coming down was less.

Although all the ingredients were in place for Nifty to come down, but it, came down only 100 points from the open. It should have been much more than that.

Now What -

We want everything to be right to carry the trade further otherwise short covering will kill the short Sellers.

Nifty should have closed at least below 9234.

Now Since Nifty fell but fell less than what it should have been, I believe that one should book whatever small profits are there or at cost and step aside.

I wanted to write to carry the short positions for next two days with the stop loss of 9416 as Nifty has given breakdown on hourly charts and on daily charts indicators have started favoring Short Selling. Confirmation of all those would have easily come if Nifty would have closed below 9234.

After giving breakdown on hourly charts it is standing there only.

If we wait for Nifty to close below 9234 in next two days and allowing it one or two day grace period then there is a risk attached to that. 

And I think that at this point the risk of 116 points in Nifty is not worth taking.

Thus it is better to step aside and book whatever small profits are there or at cost etc. and wait  for next move to come.

Let Nifty give us another move as and when it happens which will be updated accordingly.

Trade accordingly.

Though I would like to mention here that Nifty has made 6 red candles on daily charts and made hanging man pattern and gave the breakdown of that also and below  9234 it will be inclined to come down.

 Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.