NIFTY
has given a close at 7785.70. The day is bear and did not cross previous day’s
high. But it did broke yesterday’s low. NIFTY has made a high of 7817.85 on 8th
of July, 2014 and on 25th, July 2014, it has made a high of 7839. So
we can say that it was almost a double top kind of pattern confirmed. Please
remember, there is no strong signal for going short in NIFTY but definitely
a
signal of caution has emerged. So for long traders nothing has changed as long
as Stop Loss levels are concerned, but yes fresh long traders must not enter
into any fresh longs in NIFTY unless it makes a new high or they can enter into
any trade with a strict Stop Loss of 7705. Breach and close below 7705 will
tell us to sit aside for a while and wait for another strong signal to enter
into any trade, whether short or long, till then please remember the Stop Loss
and trade safe.
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