NIFTY is in a strong uptrend and
closed at 6837.05. After three range bound days it has given a clear indication
of a strong uptrend. There is a range formed between 6800 and 6900 for the time
being. We must trade in the direction of
any break out / break down. A long
position can be initiated once it crosses and trades sustainably above 6900, with
a strict Stop Loss of 6800. One can initiate a short position below 6800 and a
strict Stop Loss of 6900 must be followed. This is a very short term strategy
and once the position turns favorable, one can trail the Stop Loss and ride the
trend.
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