We shall look for bottom zone 8370-8390 with strict stops under 8370 -one knows going below 8370 Nifty will leak from the Dabba. Or sustained move above 8425 with the day's low as strict stops for long positions.
Within all charts below -one can use the load bar feature(TradingView feature) to know how prices moved in the future from the published view date.
Previous Update- Hello 8370 let it break
My broker confirmed that spot 8400 was taken out, but future, it did not & So I am happy to come out at close to 8417- not losing much in Nifty trade which was a marginal Intraday loss of 7-9 points.
Analysis is done on Spot/cash data
With strict stops above 8440 -once the rising trendline gets broken or pullback close of day high -we shall look to sell for target zone 8380-8390
It is always important to trail your stops at cost when your trade starts moving in your favour so that you do not lose any points -if you don't take any profits -that is risk management which one should learn
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ