1:5 RR Trade: Sell Nifty below 23877 with SL 24120, Tgt 22670
Based on Wave Analysis and the Ichimoku 1-Hour Time Frame, we have a good short opportunity with a very small stop loss.
Time: 12:52 PM, June 27th, 2024
Current Market Price: 24,024
Why Short Entry at 23,877?
Wave Analysis: Nifty has completed waves 1, 2, 3, 4, and 5. Wave 5 hit 127% today at 23,899 and touched the 24,000 psychological mark. We will have the first sign of confirmation if Nifty drops below 23,898 and sustains this level for 1 hour. It has to go for a correction. We will be wrong if Nifty crosses our stop loss after the entry is triggered.
Trendline Breakout: When Nifty breaks 23,877, we will have a trendline breakout, which will be our second confirmation for short positions.
Selling call options or selling Nifty futures with a monthly OTM CE hedge is a good option.
We will keep updating more in the update section.
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Time: 12:52 PM, June 27th, 2024
Current Market Price: 24,024
Why Short Entry at 23,877?
Wave Analysis: Nifty has completed waves 1, 2, 3, 4, and 5. Wave 5 hit 127% today at 23,899 and touched the 24,000 psychological mark. We will have the first sign of confirmation if Nifty drops below 23,898 and sustains this level for 1 hour. It has to go for a correction. We will be wrong if Nifty crosses our stop loss after the entry is triggered.
Trendline Breakout: When Nifty breaks 23,877, we will have a trendline breakout, which will be our second confirmation for short positions.
Selling call options or selling Nifty futures with a monthly OTM CE hedge is a good option.
We will keep updating more in the update section.
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Comment:
Entry didn't trigger today.