At the time of this post markets are trading at 5040 levels above our 5027 level mentioned yesterday.
This gives the market an even chance to hit 5070-5079 levels provided 5027 is maintained.
Looking lower, 5002 needs to be protected on the downside as maintained yesterday,
Based on the activity so far, it does look like a normal day today .
Trade Alert : Short Bank Nifty
Cost : 9242
Sl : 9290
Target : 9190/ 9150.
Bank Nifty at 9160.
Target 1 achieved.
30 mins…80 points.
Book partial profits
Hold rest with SL at cost.
I’m booking out.
200 points in 70 mins.
Day high of nifty has been 5055 and in the Bank Nifty 9282.
The levels are very close to some levels we have seen earlier of inter-mediate term selling.5065Nifty and 9310 Bank Nifty are levels which we have spoken about for longs, very often on the blog.
Prices above these levels have failed to stand.
Profilers may make note of these levels for change of trend.
Grasim Update :
Grasim has again bounced off 1740.
Though it has remained above this level despite weakness, the lack of continuation and the worsening medium term picture has me worried.
Keep SL below 1740 for this trade.Let’s see if we can exit at slightly higher prices.
Hope everyone had a good session today.
This is becoming more and more a day trader’s environment and the risks of carrying positional longs are increasing by the day.
But for the profiler, there never has been a better time to trade the markets as now!
‘cos we make our decisions on Order Flow!