As mentioned yesterday, NIFTY could
not go beyond our level of 6825 so there was no question of going long. And even
it breached our mentioned level of 6695 in intraday and made a low of 6688.50
and closed at 6697.30. It has closed almost at the support mentioned yesterday.
Please refer the chart below for better understanding. And there is a good
chance to bounce but please remember that no longs in NIFTY will be initiated
below 6825. If it sustains and trades above 6825, one can
go long in NIFTY with
a Stop Loss of 6775. And one can go short if it trades and sustains below 6675
with a Stop Loss of 6725. Please remember that this is purely very short term
short trade and advisable to square off the shorts as and when the Stop Loss is
hit.
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