What Is Next For NIFTY? - 5/27/2016

NSE:NIFTY   Nifty 50 Index
78 0 2
Market is behaving with split personality syndrome. In order to trade such market, we have to move accordingly too. Just couple of days back we are staunch rally sellers but when market rallies like this even amid negative news ( another rate hike by Fed ) then you have to read the tape accordingly. We were looking for 7725 to give up and a quick trip to 7500, but now that has changed. This face ripping rally has all the characteristics of rapid short covering too. That's the reason you short from the resistance not near the support. Well, to be just more clear, we are neither bear nor bull. We are just trading according to the price action.
Here is the trade. We like to get cautiously short near 8250 and 8300. Then we will see how it reacts near 8000, during pull backs or correction. If it goes down then we will be in great position. If it doesn't, then also we are in good position to get out of the way with little or no harm. Because most probably (there are no guarantee in market ! ), even if it rockets it 8500 ( where we will sell it again ! ), correction towards 8300 / 8200 is inevitable.
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