Last week we had given a short from 12000 with 12030. The index high is 1224.55. The index has fallen like a knife from this level and made 11664.00 Low almost 336 Points in the previous week. Hope you guys have made good money last week. Now the main question is what will be our setup for this week and what position we will be preferred in a shorter time frame and Intraday as well.
There is no doubt that the index is still in a longer time frame but we are intraday and short-term swing trader and buy-sell are both positions is for us. In a shorter time frame, In shorter time frame Index is in a correction fedge and Short Position is much stronger than Long. Remember one thing always that Entry is very Important in Intraday. In the chart, I had marked some so you guys can understand the current market situation. These lines are so Important in Intraday.
SGX nifty is trading on a positive note so we can see a gap up opening today but you guys need to consider buying only above 11900. so wait until this level comes and the Index must be sustained on this level.Stop loss will 11850 Target: Open
Short Position is tricky. Today Important level for short is 11860 and 11770 As I said before the current sentiment is so both levels can consider for your short Position. Second If you see an up move at the first trading session and index test 11860-11870 then you guys can build your short position here with 11910 Stop loss.
The second short can considerably lower than 11770 with 11820 stop loss. Target is Open
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.
Good Luck and Happy Trading