Last week we mentioned few levels on NIFTY 30 min chart and laid out our view. We were hoping to get good shorting levels if RBI eases or if the optimism last a bit longer. But even after RBI NIFTY wasn't able to move up and price action was really telling. Reading the market we issued a sell call around 8260 but unfortunately market came close to our limit sell order within 5/10 points several times but didn't get the fill.
Today market is gaped down because of Soros Swoon catching up other global indices on Friday, we are not inclined to chase it. Because it doesn't give the vantage point we need. Besides the news regarding the china move can make equities go bonkers and we don't want to caught up at wrong levels. For this week, we will be looking for a good bounce to sell near 8250 and above or a deep clean out near 8000 / 7900 to buy NIFTY .
Also you can check out our view on trading TCS and Dabur here with clicking on the links, which we laid out last week.