Nifty : Do not overstay your welcome!!!

NSE:NIFTY   Nifty 50 Index
Nifty gave up all the gains that it had made and eventually broke 10600 to make an intra day low of 10585. Hence with this setup it is advisable to sell nifty on rise and there is a high probability that it will break today's low tomorrow.
A dilemma to this is that a lot of supports lie in this 10510-10570 range and hence there is a chance that nifty might bounce from here. So it is advisable to nibble and take small trades and see how the trade pans out at day's close tomorrow.

Do not overstay your welcome in either direction.

Note : It would be wise not to sell if nifty opens below 10590 tomorrow.
Comment: As the dilemma suggested, Nifty bounced back from the lows and took out yesterday's high and closed above it.Nifty also did not make a new low which suggests a temporary up trend as a strong close suggests that Nifty is still in a range.

Also the high probability trade of selling did not work out. But as suggested if one would have nibbled on the short trades there was money to be made on the ranges of the Bollinger Bands. It was eventually taken out in the final half an hour.


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