NIFTY Trade Idea - 5/16/2016

NSE:NIFTY   Nifty 50 Index
55 0 1
As we have mentioned many times and it's hackneyed fact in trading that the identification of proper Support / Resistance levels is the key for success in trading. You can see the perfect text book like example here on NIFTY             30 min chart. Few days back we put up an idea here for shorting NIFTY             from 7775, then on the news of taxing Mauritius based investments we advised to remain sidelined and watch the price action. At that time you can see that our short term bias was up with same level in mind. And finally in today's quick day trade, you can see how that 7775 is holding up ! There is no magic here, it's simple vary basic technical analysis .
Today's one trade is done before even we can publish it here . Next trade we are looking for is quick short from 7860 or a quick long from 7680 / 7700. Please bear this in mind that these are very short term trade ideas and for a trade with more conviction, we remain rally sellers near strong resistance at 8000 / 8200 as mentioned in previous post and buyer when there is quick washout near 7600 / 7500 support level .
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