As BJP is winning in both states, Nifty is all set to give a gap up opening. BUT the retracement wave is NOT over yet.
Today at 9:47 around, we will go short again.
Stay tuned for updates.
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Action ST and MT both: short here at 10370 NS around with stop-loss at 10400 target 10140.
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Lets recheck this at 10:55, both indices are moving down as of now,
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Please exit this here at 10340 and go long with SL at 10300. This is for both LT and MT traders.
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Lets recheck this at 12:32
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So as you can see, this up-leg,( intraday) , is just retracing the down leg. So we are going to see a downtrend for next couple of days.
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Action: MT and ST both shall exit long position here and short. Stop-loss at day's high. Target same as first trade on the morning.
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Exited and shorted at 10357 NS.
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Lets recheck this at 13:23 from intraday perspective. MT shall continue to hold and carry forward.
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Action for MT and ST traders : Please exit short position at 13:23- changing my view here. And go long with stop-loss at day's low - 40 points. It may go up swiftly as it has not done much in yterms of going down!
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Exited and have gone long at 10338 NS.
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Set stop-loss at 10315 NS. Recverse the trade if it hits. There is no support/resistance during the day! Hopefully it will go up only from here on.
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So this is very sluggish. Carry forward only if you have deep in money option or futures. Otherwise exit here.
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All trades today ended in profit. Please hit like, thanks!
Reg : "So we are going to see a downtrend for next couple of days"
Do you consider news action like Guj Election results - Seems ur recommendation for Monday or for next week. is down trend.
Thanks in Advance
pankajvw
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@manotrades, News does cause wild spikes which can not be predicted. But market follows its usual path once the spike has settled in. Examples are BREXIT Friday and TRUMP Victory. Market gapped down on both of these events but quickly filled the entire gap and did its own thing.