Nifty surprisingly appears to have taken a reversal from 10792 ... Its presently unfolding Wave iii and it may find resistance at 11140-11160 levels, as marked on the chart .. So for 28 Sep, we can expect either a gap up opening or a movement of another 100 odd points from present levels ...Wave iv may unfold as flattish correction, keeping Nifty range bound ...Now the big question, Is the correction over and are we headed for another bull run? Well, I would be cautious in taking long positions, unless Nifty gives me a closing above 11620 ...
if you wait till 11600 you will miss 500 point rally which is a big amount.when you know from charts rising trend why afraid of taking position? i have sold 11350 put.
raj0778
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@ckirtane, when i say, I would be cautious, I mean I would refrain from taking aggressive long positions in cash .. F&O n equity cash segment are entirely different .. hope u got my point
ddsrawna
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Very long stop loss.
It has taken support near 10850, upto 450 point
i.e.11250 from 10800 faces no resistance.
raj0778
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@ddsrawna, Nifty has already covered 200+ points from its low on Friday.. current resistance zone as marked on chart is 100 points away from spot price, which I feel Nifty should be able to hit on Monday.. So couldn’t understand ur concern of very long SL of 450 points