Nifty: A Correction Might be on the Cards

NSE:NIFTY   Nifty 50 Index
400 3
Refer my previous post to understand the broader chart and basic structure of the market.

The hourly chart reminds me of a famous quote -- History never says Goodbye, It says see you later.
Whenever Nifty breaks above previous top/peak, the price lately retraces back to the breakout level (notice this behavior ever since the index has been gyrating in sub-channel 2). If it is to happen again the index may slide down with in the downward sloping channel to test 9530-9550 zone, which is a nice confluence point of static as well as dynamic support lines and hence can act as potential support. However, a strong move above 9710 would negate this hypothesis.

#Never trade breakouts, trade pullbacks. Never risk more than 1-2% of your capital on a single trade.

Comment: Chart displaced slightly while posting. A peak is missed but purple levels are the peaks only.
Comment: Here is full chart.
Good Analysis..expecting NIFTY to correct for Long term which can happen in next 2-3 months
should we start writing 9550CE AND buy 9650PE
Bravetotrade dasAbhishek
@dasAbhishek, I can only advice that trading in naked options is quite risky. Trade only if you have 'good' experience trading options.
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