Nifty still has room to go towards 9260-9175. There is a Gap to be filled at that level.
Trading requires a clear trading plan and trade management. So here is a clear trading plan.
Entry Between 9200-9250
Stop-loss 100-125 Points away from Entry Price.
So it's wise to wait for 9260-9175 levels and go for a long position.
Remember, this long position will again be in the counter-trend.
The primary and intermediate trends are still down. And on the , we are having a counter-rally.
Also, don't forget it's May 2020. I know you may have heard many times SELL IN MAY AND GO AWAY. It is very much likely that nifty may resume the primary downtrend and continue to fall.
But that must not restrict us to take the calculated risk even in counter-trend. We already achieved 1:6 Risk/Reward or 588 points in the previous trade. That was also a calculated risk in counter-trend.
Wait For A Trade Comes to You. Don't Rush, Don't Chase The Price
No trade is also a good trade.
Made a Typo it's 9200
We are in a counter rally, or counter-trend which is almost near to end. We are going back to 7500, but slowly.
Technical Analysis & Trading both are different Skills.