Supports: As nifty in a corrective against the down fall we had, coming couple of session could be range bound with slightly positive bias. The medium term weakness has set in, so intra bullishness can also be used to create positional shorts. Immediate support lies @ 4755, Below that 4740-4720/13-4690 possible. Further break down can very well bring 4660/55-1580 zone.
Resistances: 4815 is the initial hurdle, above that Nifty can again try to hit 4850/60 zone. Above that 4890 is possible without disturbing medium term down trend.
Hi satyam , is it safe to short @ 4850 levels with a stop loss ... If yes , what do u think should b ideal ... 4850/4860 or 4890 to short ?
ReplyDeleteAlnesh,
ReplyDeleteI wud be comfortable with short around 4860 with a/l above 4890, wont bother abt 30+ pt s/l as profit potential of this trade is higher than 30 points.
Thanks a ton for the promptness !!!
ReplyDeletehi , shorted @ 4860 n holding ....did not put s/l as yet ...what should b stratergy ?
ReplyDeletefor intra s/l can be above 4895.
ReplyDeleteSatyam , no dought we got stopped out today on the short call , not taking away any credit from the fact that u said we'd reach 4890 .... But despite the fact that tommorows gna b a huge gap up opening and all that there is 1 silver lining in this bullish cloud that dii's have started selling n history proves it that from the 3rd day onwards there is weakness once this happens ... Time will tell !!! Cheers ....
ReplyDelete