NIFTY has closed at 7279.90, a 0.50
% up. But today it is a down red bar. After rallying vigorously, it is expected
to trade in a range with small ups and downs. NIFTY might face a choppy trading
range for the time being. As we mentioned already that we have entered into a
couple of year’s bull market. So the net trend will be up and bias must be
positive. Since we have rallied too much, and we are trading in the upper most
band of the trading range, it is advisable to enter into longs only on sharp
declines. Corrections and down turns will come time to time and we have to face
it with professional trading with proper methods. These short trades will come
very fast and as we are in an ongoing up trend, it might bounce back as well. Only
professional traders are advised to trade. Those who are not much comfortable
in going short must sit aside and enter again when market bounces back. For short
term,
6900 is a very strong base and breaching that will be known as a short
term down turn started. For now one must keep the bias positive and BUY on any decline
with a strict Stop Loss of 7050.
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