Post emphatic state election results. As suggested by SGX Nifty which is at around 9200, markets are likely to open at new highs on tuesday. We should watch out for the following critical levels.
9000- Recent resistance (Going forward it should be strong support)
9120 - Previous all time high (Possible profit booking level 1)
9260 - Fib extension (Possible profit booking level 2)
Trading strategy for Nifty:
1) People holding long positions should book profit at market open if price starts to go below opening price. 9250 & 9120 are critical profit booking levels.
2) Those who want to take fresh positions - Don't chase momentum. It is better to miss trades than loosing money on bad trades.They should wait, market is likely to fill tuesday's gap. For the sake of good risk management, buy on dips or consolidation, take long positions near 9000 with strict SL at 8950.
3) Short sellers - Stay away
Cheers
9000- Recent resistance (Going forward it should be strong support)
9120 - Previous all time high (Possible profit booking level 1)
9260 - Fib extension (Possible profit booking level 2)
Trading strategy for Nifty:
1) People holding long positions should book profit at market open if price starts to go below opening price. 9250 & 9120 are critical profit booking levels.
2) Those who want to take fresh positions - Don't chase momentum. It is better to miss trades than loosing money on bad trades.They should wait, market is likely to fill tuesday's gap. For the sake of good risk management, buy on dips or consolidation, take long positions near 9000 with strict SL at 8950.
3) Short sellers - Stay away
Cheers
Comment:
As mentioned, Nifty touched and came back from 9120 - Previous all time high (Possible profit booking level 1)
Comment:
Now safe level to buy at is 9000-9020 with 8945 as SL.
Comment:
Nifty crossed 9120. Buy Nifty positional at 9140 SL 9070 and ride the rally.
Comment:
around 9230-9250 Book partial profits.
