A simplest way to earn money in the stock market is to buy low-sell high or sell high-buy low but perhaps it is the most difficult principle to apply in practice.
It can be observed that Nifty has been moving in a downward sloping channel. Today, it retraced exactly from the channel resistance line. Perhaps we may see many ups and downs as Nifty bounces off from channel support line and falls back from resistance line. But as mentioned in my earlier post 9530-9550 confluence zone should act as a support.
Lets see how well can we play the simple principle in the coming sessions.
Play safe Thanks
# Also refer my earlier detailed post on Nifty
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Price just shy of touching the support line and bounced back.
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Nifty bounces from the support i mentioned earlier. Presently i would avoid Nifty as this is in the middle of channel. RRR is not good.
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I mean I avoid fresh longs at this point.
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Nifty at channel support and near confluence zone of 9530-9550