RITESH_TMR
Long

Go long in NIFTY for TARGET of 10800, with a STOP LOSS of 9990

NSE:NIFTY   Nifty 50 Index
So do you think I'm giving an aggressive call?

If you observe my stop loss is conservative, so this gives me a mileage to keep a big target. Considering the recent fall in NSE:NIFTY just observe the previous fall dated from 19th September to 27th September, just see you will find a lot of similarities in both the situation. The Earlier one looked like a DOUBLE TOP and from there it jumped to making new highs a rally of tremendous 800 plus points. Look at the RSI levels as well, every time it goes below 30 we see a bounce of minimum 500 points.

There is one more thing I want you all to observe, there are 2 Trend Lines , the Maroon one it has been breached twice now, so it gives you a FALSE ALARM, and if the price closes above it again then the market resumes it's previous bull trend. The Blue Trend Line has fewer touch points but it sure has not been breached till now. So we can also use these 2 pointers to confirm a trend reversal.

So considering all this, I feel it's more safe to buy and going by the sentiments, it's kinda negative. Which gives me further mileage because if I'm right and trading against the overall sentiments. I'll get a swifter rally. Stock specific I'm expecting that it will have tremendous volatility , as you would have observed even today the surge in stock price was more than 2% to 5% in major stocks.

Stop is recent swing long and also below a psychological 10000 level.

Note: Always trade with stop loss (In Trading Discipline is everything)

Jan 16
Trade closed: target reached: Nifty seems to have achieved, I still feel nifty can give another rally till 11000 levels but today nifty made a Bearish Engulfing pattern which again make me little cautious I'll try to book my long positions here and since are targets have been achieved and at this stage of trend lets keep profit protections strategy rather than being aggressive.

Let the market have a consolidation or a fall to re-consider out buying positions from here.
Nifty seems to have achieved, I still feel nifty can give another rally till 11000 levels but today nifty made a Bearish Engulfing pattern which again make me little cautious I'll try to book my long positions here and since are targets have been achieved and at this stage of trend lets keep profit protections strategy rather than being aggressive.

Let the market have a consolidation or a fall to re-consider out buying positions from here.
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