Nifty Spot 20/5/13 - 24/5/13
Nifty may face multiple resistance somewhere near 6207 - 6220 level. From here a short position can be taken with stop-loss @ 6235 on closing basis for the targets of 6114, 6067, 6042, 5970.
And if nifty gives a closing above 6220 then we will take longs in nifty for the target of 6338, 6361 with stop-loss @ 6207 on closing basis.
This time the chances are very rare that it can go above 6220 but we have to give respect to the market. Lets see has been store for us in this week.
Nifty may face multiple resistance somewhere near 6207 - 6220 level. From here a short position can be taken with stop-loss @ 6235 on closing basis for the targets of 6114, 6067, 6042, 5970.
And if nifty gives a closing above 6220 then we will take longs in nifty for the target of 6338, 6361 with stop-loss @ 6207 on closing basis.
This time the chances are very rare that it can go above 6220 but we have to give respect to the market. Lets see has been store for us in this week.
Dear Trader, would it be safe to assume that have initiated a short position in the index today?
ReplyDeleteDear Manish yes we have initiated our trade in Nifty @ the mentioned levels. We have shorted 3 Lots of Nifty.
ReplyDeleteWe have booked 1 lot @ our 1st target of 6115. 6220-6115=105 points profit in 1 lot
ReplyDeleteDear Trader, fantastic analysis and execution!!!
ReplyDeleteNifty spot ends the day at 6114 ( your first target ). Kudos to you!!!
Since you have two more open positions, I am assuming you expect the nifty to crack till your next target of 6047.
Dear Manish,
ReplyDeleteThanks for words of appreciation.
All goes correct if your calculations are correct. Technical analysis is a combination of science & art, nothing else.
Yes, we have booked 1 lot @ our 1st target (in both Nifty & Sbin) and now we are holding the rest lots with our trailing stop-loss @ 6215 on closing basis as our trade has become risk free now.
Happy trading :-)