Swapilchoksi
Education

NIFTY: Where to take a fresh short entry

NSE:NIFTY   Nifty 50 Index
Hello,
As I mentioned in my weekly Nifty post that if Nifty will sustain below 12290 then I may take short position.
Today with volume NF broke 12300 level and closed below that. Now Very strong Demand Zone @ 12000-12050.

Now in any case If Nifty will come to 12270-12300 then i may take a short position.
If NF will sustain below 12225 then I may take a short position.
Comment: Nifty Note: There is a 70% chance tht NF may continue its HL LL pattern.
It will fill the gap near 12050 in coming days.
If fall will very sharp the recover will be sharp also.
NF may make a new bottom above 11965. Most likely in the 12000-50 zone.
This view is valied if 11965 level will not break.
Trade active: Sold 12300 Call @ 23
Comment: Not planning to short 12200 call because 12150 is a gud support and may seen a bounce but once it will sustain below 12150 then I may switch my position to 12200 call. I will sell NF on every strong bounce.
Comment: 12300 call is in profit and will carry for tomorrow.
Comment: This is a bull trap and market will try to prove that 12150 is a strong support...but reality is different. I will add more short position if NF will bounce and will cone to it's supply zone. That's it for today. Will publish tomorrow outlook after market.
Thank x

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