NIFTY ( Futures ) has given a close at 8562.90. In
yesterday’s post, it was clearly mentioned that if NIFTY trades and sustains
below 8660 even for an hour, one can exit the longs from NIFTY. It behaved in
the same manner. NIFTY Closed 100 points below our level.
As we track the market by its technical study and
research, news and rumors are best avoided. Presently NIFTY suggests the
weakness and we must follow the trend, of course with a strict and proper Stop
Loss. The level mentioned yesterday was 8660, which will act as a stiff
resistance zone for NIFTY. In any case, by any news, rumors, if it trades and
sustains above 8660 even for an hour, one can initiate a long position in NIFTY
for the targets of 8720 and 8820, with a strict Stop Loss of 8550 on closing
basis. In case NIFTY continuous its down move breaking 8550 and sustains below
that, one can even initiate a short position in NIFTY for the targets of 8460, 8380
and 8240. This level of 8240 can be treated as a very good support for the time
being. 100 points Stop Loss and high
volatility is a part of the trades now, those who can not adjust or afford,
must stay out of NIFTY trades and sit aside for proper and strong signal to
initiate a good trade. Till then, please understand the levels and the
importance of StopLoss and trade accordingly.
ok
ReplyDelete