NIFTY - Long or Short? - 5/5/2016

NSE:NIFTY   Nifty 50 Index
64 0 4
Well, the answer is - Both ! Before we get into other details let's mention today's potential short opportunity between 7775 - 7800. This resistance can give us few points today.
We mentioned in our previous NIFTY             trading post to get short NIFTY             near 8000 and now we have covered majority of our short positions. Now we will be looking to trade NIFTY             from short side as long as it remains below 7850 for short term. Final target for the short is something near 7500 - 7600. Then depending upon the circumstances we will go long !
Market is choppy but if you stay focused and define your levels, there are trading opportunities with defined risk.
Last month we were long going towards 8000 resistance and then we switched to the short side, gaining more than 400 points in NIFTY             futures trading.
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