chiragcyc

Is it time for nifty to bounce back upside? Maybe

Long
NSE:NIFTY   Nifty 50 Index
NSE:NIFTY Nifty has closed around its 200 day moving average its looks like it will probably bounce from here any gap down tomorrow is an opportunity for buy for me. If it breaks 200 dma and sustains bears will be in full control to drive prices lower to 11200.

My plan: Buy any gap down or flat opening tomorrow and place stop loss around 70 points as per previous support, if trade fails and nifty sustains below 200 dma i will enter short position.
Trade active: As expected nifty bounced from 200 DMA, Its time to book partial profit (50%) and let the trade run for more gains. I had a sl of 70 points i got 320 points in this move which is quiet good (4.5 risk reward). To protect gain now its best to keep a trailing stop for partial position (50%).
Trade closed: target reached: As today is RBI meet i expect nifty to go down so i am closing remaining 50% position and gaining almost 500 points on other half .
In just 3 days I was able to capture almost all the up-move nifty gave by gaining 320 points and 490 points in parts.
Hope you all liked the idea, i will be back soon with another idea.

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