There were 2 strong indications to go short on Nifty: 1. M pattern (Double top) forming around 15,230. 2. TrendLine break and last kiss was also seen.
The target logically was the last region of consolidation where I expected Nifty to find support, which was around 15,100.
The market has been range bound since the post budget rally and is finding it difficult to break significant levels to move higher. This means that trading the boundaries is more logical and will yield more profits. The market bounced back very sharply from 15,000 and moved to the other extreme of 15,200.
I did go short at the same point like this but I couldn't book the profit I expect to go to 14950 levels. Is this is the retrospective Chart? Whats your take on the next days?
ArcherDAVIS
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@krish2051, In a strong market such as this, I think its better to go for smaller targets on the short side. I am going to post an analysis of Nifty or BankNifty for the coming week by today or tomorrow.