NIFTY has given a close at 7895.25. As we have stated
in our previous post, we are still holding our longs in NIFTY. In intraday
trade, NIFTY tanked to the next support level of 7820 on Monday, made a low of
7817 and given a smart recovery, even yesterday, NIFTY has made a low of 7845
in Intraday trade and closed above our level of 7880. Now there is a slight change in the strategy. Now
the on the breach
and close below 7880 will tell us and force us to close the long positions in
NIFTY and NOT go short. Short selling is not recommended at this point in time
at this level. For the time being, 7880 will be a level where a close below
which one must close the longs in NIFTY and a close above 7880, one can again
go long and hold the position with that Stop Loss. Other levels and strategies
will be discussed later as and when market moves ahead. Till then, keep these
levels in mind and trade safely.
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