NIFTY

Jul 3, 2017

Nifty formed lower low on 27th Jun for first time since December 2016. Should the market fail to hit above 9700, the next swing could very well be downwards. I would prefer to short the index along 9600 and 9650 and hold with stops above 9700 with potential exit levels around 9300. In my opinion we cannot rule out the possibility of Nifty gradually drifting towards 9000 (unless otherwise there're new fundamental triggers).

Jul 4, 2017

Note

Nifty is off the trend line @ 9650. For now 9620 looks to be a resistance, a failure to break above could pull down the index to 9580 today.

Jul 11, 2017

Note

Stops triggered on my short positions. Looks like there's massive amount of domestic liquidity left. Will be looking to go long.

Jul 11, 2017

Trade closed: stop reached

Jul 12, 2017

Note

A pin bar in daily time frame. I guess the market will retest 9700.