NIFTY: Forming higher highs in long term chart and travelling in uncharted teritory.
Whether to book profits or ride thru the bullish ride?
1.NIFTY has formed a Hammer pattern in daily chart-sign of some fatigue
2.Major supports: 20864 followed by 20715
STRATEGY: If already carrying long position trail SL keeping todays low of around 20864 as SL for a positional target of 22000.(need to keep SL by keeping previous days low as trailing SL and carry)
For fresh entry either need to buy on dip towards 20800/20700
3.Option writing with PCR of around 1.50 suggests support at 20800-900 ZONE AND THE IMMEDIATE RESISTANCE AT 20950-21000.Call unwinding at 20800/20900 levels suggests NIFTY is likely to hold the levels. Trade with confidence and be cautious at times,dont forget to keep SL or trail SL(For Educational purpose only)
Whether to book profits or ride thru the bullish ride?
1.NIFTY has formed a Hammer pattern in daily chart-sign of some fatigue
2.Major supports: 20864 followed by 20715
STRATEGY: If already carrying long position trail SL keeping todays low of around 20864 as SL for a positional target of 22000.(need to keep SL by keeping previous days low as trailing SL and carry)
For fresh entry either need to buy on dip towards 20800/20700
3.Option writing with PCR of around 1.50 suggests support at 20800-900 ZONE AND THE IMMEDIATE RESISTANCE AT 20950-21000.Call unwinding at 20800/20900 levels suggests NIFTY is likely to hold the levels. Trade with confidence and be cautious at times,dont forget to keep SL or trail SL(For Educational purpose only)