Nifty is in downtrend. Chart is self explanatory. I will not take bullish trade, even if market rallies 500 points. If Nifty breaches lower resistance, I will short at upper resistance zone for just 100 points. If market does not breach lower resistance and starts falling, I will carry my shorts till the target at lower level near 17250-17300. Always take trade very near to resistance or support so that you don't have to pay more than 20-30 points SL to market. All the best, thank you!
Trade closed: target reached:
Closed trade for this week, 2 SL hits and exact target not achieved. Closed near 17350. Will post next week trade by Sunday. Thank you!