Nifty had a lack lustre trading on Saturday which has formed a long legged doji on charts.This shows indecision on part of traders and lack of commitment on positions.Nifty has been making lows but recovering at the end of the day to give a picture of all is well.This correction has been difficult to trade for positional traders with nifty moving in a range.Intraday traders have been kept on their toes with short targets else face stop losses.Option traders also have been in pain with positional calls.Corrections are difficult to trade and further difficult to predict.So keep patience for the break out to happen and then take position.The level to watch for this series is 5186 below or above will defend the trend.Intraday traders can look at the levels on spot nifty to trade on Monday.
No trade between 5191 and 5227(To avoid whipsaw)
Buy above 5227 sl of 5207
targets 5245-5263(add positions breakout on the upside)
5281-5299-5317-5335-5353.
Sell below 5191 sl of 5211
targets 5173-5155(add positions breakout on the downside
5137-5119-5101-5083-5065.
Happy Trading !
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.