NIFTY
again closed very flat today at just 0.2 % up at 7686.20. As we have discussed
yesterday, NIFTY tried to touch the resistance zone between 7730 and 7760 but
failed. NIFTY did go to 7719.10 but neither go further up, nor sustained the higher
level and came down to close at 7686.20. So for now the
resistance zone is a
short term hurdle for NIFTY. As mentioned in earlier post, one can go short on
every rise around the resistance zone with a strict Stop Loss of 7800 on
closing basis as the close above 7800 will tell us to close the entire short
and try to find another opportunity for going long in NIFTY. So for now there
is no change in the stance and one can go short on every rise. Keep the levels
and Stop Loss in mind and trade safe.
A fresh intraday short
can be initiated below 7670 with a strict Stop Loss of 50 points which come
around 7720. Please do not mix these fresh shorts with positional shorts. Intraday
shorts has a Stop Loss of 7720 where as positional shorts has a strict Stop
Loss of 7800 on closing basis.
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