Nifty Flag or Falling Wedge !!!
Hi Friends,
A few days ago before Oct expiry when Nifty was trading at 8730, I recommended selling nifty with SL of 8800 on closing basis on a break of 8630. Within two days Nifty made a low of 8550.
I am now revising this post to update those who are in profit to trail your position with trailing SL of 8725 on closing basis. So, now if nifty close above 8725 we will walk break even or with a small profit. We already booked one lot at 8550 with an intention of if nifty takes short term support we can sell that back at around 8650 which is what we did yesterday.
On a monthly medium to long term chart, all indicators are setting up in a bearish mode including MA crossover, stoch, MACD and RSI. The technicals are strongly supported by inevitable FED rate hike post-USA election.
Please also have look at my TATA Steel prediction purely based on technicals where we sold 410 rs put option of 2 rs in 20 rs next day morning at the end of Oct expiry. I didn't know that Cyrus Mistry was going to be a rebellion but chart did. So, always trusts ur charts irrespective of news.
Happy trading and keep trailing...
Thanks for reading.
A few days ago before Oct expiry when Nifty was trading at 8730, I recommended selling nifty with SL of 8800 on closing basis on a break of 8630. Within two days Nifty made a low of 8550.
I am now revising this post to update those who are in profit to trail your position with trailing SL of 8725 on closing basis. So, now if nifty close above 8725 we will walk break even or with a small profit. We already booked one lot at 8550 with an intention of if nifty takes short term support we can sell that back at around 8650 which is what we did yesterday.
On a monthly medium to long term chart, all indicators are setting up in a bearish mode including MA crossover, stoch, MACD and RSI. The technicals are strongly supported by inevitable FED rate hike post-USA election.
Please also have look at my TATA Steel prediction purely based on technicals where we sold 410 rs put option of 2 rs in 20 rs next day morning at the end of Oct expiry. I didn't know that Cyrus Mistry was going to be a rebellion but chart did. So, always trusts ur charts irrespective of news.
Happy trading and keep trailing...
Thanks for reading.
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