NIFTY
has closed at 7723.75. Almost a percent down. Yesterday we have mentioned to
initiate fresh long only above 7805, but it did not moved and sustained above
that. Instead it came down to our support zone and Stop Loss, which is at 7705.
It came up slightly above that level. NIFTY August Future has closed at
7750.55. But please remember,
the Stop Loss and long initiation levels will not
change. We are trapped in a narrow trading range of 100 points. If trades and
sustains below 7705 consistently, one must exit from the longs in NIFTY. Close below
7705 will confirm the down move but still we are not advising to go short. One can
just sit aside and wait for another good signal. We will discuss the trading
strategy and post the levels to trade in case of a start of a down move. Otherwise
one can again initiate a long position once crosses 7790 and sustains above
that. A close above 7805 will confirm the up move. So please keep these levels
handy and trade accordingly. Have a profitable and happy trading day.
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