Nifty: Can it bounce back to 17200 - 17400 odd levels
Nifty
- Managing to hold above the green trendline
- managing to close well above VWAP
- managing to close above 16985 (Closing figure of Thursday Doji candle)
On charts, these are looking like positive signs for the Index so far.
Given the chart setup, We might see Nifty once again attempt to regain 17200 odd levels and thereafter 2nd target in the current setup could be around 17380 - 17458 odd levels.
On data front, the Long :: Short ratio of FIIs is currently at 1::10 which is a worrying sign
Given the data statistics, from Risk Management perspective - Consider the set up invalidated if Nifty closes below 16960 odd levels on daily charts.
Again I would like to reiterate Focus on Managing your risk. If risk is managed, you would stay profitable.
_______________________________________________________________________________________________________________
One way to manage risk is to use strategies. It would limit the profits but it can vastly improve your chances of winning trades.
Earlier, on March 14, I had suggested a Short Strangle strategy for a range bound view when Nifty was at 17043 odd levels.
- It had a profit potential of 170 point plus
- Despite the ups and downs in Nifty, the strategy has given steady returns
- Currently the strategy is in profit of 80 points. Continue to hold.
_______________________________________________________________________________________________________________
Important to note: I do get my Analysis wrong. Case in point Infosys. Do find some time to read that too. It has valuable lesson for you to understand the importance of Strategies and Risk Management.
If you find it helpful Do Like, Share your comments and Follow
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
- Managing to hold above the green trendline
- managing to close well above VWAP
- managing to close above 16985 (Closing figure of Thursday Doji candle)
On charts, these are looking like positive signs for the Index so far.
Given the chart setup, We might see Nifty once again attempt to regain 17200 odd levels and thereafter 2nd target in the current setup could be around 17380 - 17458 odd levels.
On data front, the Long :: Short ratio of FIIs is currently at 1::10 which is a worrying sign
Given the data statistics, from Risk Management perspective - Consider the set up invalidated if Nifty closes below 16960 odd levels on daily charts.
Again I would like to reiterate Focus on Managing your risk. If risk is managed, you would stay profitable.
_______________________________________________________________________________________________________________
One way to manage risk is to use strategies. It would limit the profits but it can vastly improve your chances of winning trades.
Earlier, on March 14, I had suggested a Short Strangle strategy for a range bound view when Nifty was at 17043 odd levels.
- It had a profit potential of 170 point plus
- Despite the ups and downs in Nifty, the strategy has given steady returns
- Currently the strategy is in profit of 80 points. Continue to hold.
_______________________________________________________________________________________________________________
Important to note: I do get my Analysis wrong. Case in point Infosys. Do find some time to read that too. It has valuable lesson for you to understand the importance of Strategies and Risk Management.
If you find it helpful Do Like, Share your comments and Follow
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Nifty CMP 17100
For any Long positions use 17065 as trailing SL