Markets playing seesaw one day 100 point up and another day 100 point down, it gets frustrating as a trader sometimes if you get such moves and on the contrary it gets rewarding for the newbie’s who rely purely on luck of buying or shorting as they get an escape out of there positions or even profits sometimes. Nevertheless this is not how professional trader’s will trade.
THE TREND IS YOUR FRIEND & Trend is Short term down
The short term trend for Nifty Future is down the reversal point is above 8010 close till then the rally’s are for entering shorts with protective stops above 8010.
Friday’s trading session opened with a gap down and continued its downward journey after consolidating in tight range for the day. Nifty Future closed the week at 7886.8 after making the intraday high of 7948. Now ahead on 13/oct/2014 below 7870 the gates open for 7820-7800 once these levels are broken with volume the bulls will have to run for safety as it will be a bear’s frenzy and market could correct to 7650-7600 in coming sessions. major resistance at 8010 only above this bulls will be back.
Trading Strategy : Option traders can buy 7800 Puts with 8010 stop loss, FNO traders short Nifty future below 7870 sl 8010 tgt 7650
For more details you can write me at mohitjhanji@gmail.com or use comment section below
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