Tomorrow at 17400-500 let us book once and wait for that break of 17500-50. If we get it at one shot let us continue with our buy after 17550. If we get a dip to either 17300 or 17200 let us buy with stops of 20points and again trail at 17500-50 depending on price action there.
Expectations are for the mad rally to continue to the moon probably to as high as 18700-800 and very fast. But let us keep trailing and be careful. If we get a dip this week i shall try a leveraged itm option position either 17250ce or 17150ce and hold for the whole target or stops of 50points. Let us take full advantage if the full target gets completed or trail. Futures mai let us keep trailing and day trading as planned.
I shall not short nifty unless invalidates and moves below 17000.
As per me this is a clear wave 5 and no doubt about it. Now the question is will it extend or end fast. With major gann dates on 23rd September it is very much possible that the madness gets to a freak level by that date and exceed all targets of every bull. Ofcourse we can be wrong.
In wave 5 divergences and overbought signals are very common and market can be overbought and divergences may continue untill a high level freak top is come on screen and to everyones disbelief. These rallies are very rare and let us not be a fool and play along instead of worrying. But ofcourse keep position sizes on the lower side.
NateshBhat
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@NateshBhat, last week expiry 17300 strike might repeat on 17500. And nifty might struggle past it may be get past on expiry this time and untill then mostly dilly dally any dip buying opportunity tomorrow or day after for that matter untill then may be a chop
NateshBhat
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@NateshBhat, after bookinh in this zone now lookinng for a clean slate start for me.
Plan for tomorrow :
Tomorrow might be a very hyper bullish day or a hyper bearish day and if at all 50point dip just buy with 20pt stops. Media has turned bearish. Ppl have doubts of a top. If at all 17350 taken out tomorrow at any point we may be heading to 17250.so buy at 17350 put 20point stop if stop is taken out reverse and sell for 80points and follow it up.if open is above 17400 any 50point dip buy dont wait for 17350.
NateshBhat
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@NateshBhat, my bias is highly bullish if open is above 17400 i will just not wait for dip to more than 17400 and stop 17350 will buy. Below 17350 i might become a bear however.
In wave 5 divergences and overbought signals are very common and market can be overbought and divergences may continue untill a high level freak top is come on screen and to everyones disbelief. These rallies are very rare and let us not be a fool and play along instead of worrying. But ofcourse keep position sizes on the lower side.