Nifty 50 IndexShort
NIFTY50 - SELL AND RUN AWAY ?
Updated
Symbol - NIFTY50
CMP - 22960
NIFTY50 is following a rising channel & headed strongly towards its higher end. Currently It is trading near round level of 23000.
According to my analysis & my view, Nifty50 will face strong resistance around round level 23000 - 23100 which is also upper end of the rising channel.
I'm expecting Nifty to show a reversal from these levels & It may witness a strong profit booking. General Elections result is due on 4th June & because of this, INDIAVIX has shot up from 11-12 levels to 22 level. This is also hinting a reversal. If any negative news flow comes in coming week or on elections result day, We may see huge fall in Nifty50.
Hence I am creating huge short positions in Nifty50 June Futures at CMP 22960.
I will add more position between 23150 - 23250, if comes.
My SL would be 23400 & Targets I'm looking for are lower end of this channel which is around 22050 - 22120 & If it breaks this channel pattern on downside, We will see huge fall till 21000 easily (which is my second target) & beyond.
Risk is small here & Reward is huge. That's why taking more position than usual.
Not taking any position in options as May series options are expiring in 4 days & premiums of June series options are very very inflated.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
CMP - 22960
NIFTY50 is following a rising channel & headed strongly towards its higher end. Currently It is trading near round level of 23000.
According to my analysis & my view, Nifty50 will face strong resistance around round level 23000 - 23100 which is also upper end of the rising channel.
I'm expecting Nifty to show a reversal from these levels & It may witness a strong profit booking. General Elections result is due on 4th June & because of this, INDIAVIX has shot up from 11-12 levels to 22 level. This is also hinting a reversal. If any negative news flow comes in coming week or on elections result day, We may see huge fall in Nifty50.
Hence I am creating huge short positions in Nifty50 June Futures at CMP 22960.
I will add more position between 23150 - 23250, if comes.
My SL would be 23400 & Targets I'm looking for are lower end of this channel which is around 22050 - 22120 & If it breaks this channel pattern on downside, We will see huge fall till 21000 easily (which is my second target) & beyond.
Risk is small here & Reward is huge. That's why taking more position than usual.
Not taking any position in options as May series options are expiring in 4 days & premiums of June series options are very very inflated.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Trade active
CMP 23100Price touching upper end of rising channel, So adding some more quantity here.
Avg sell price now is 23032
I will add more quantity at 23250
Holding with strict SL 23400
Trade active
CMP 22888144 points in profit.
Trade active
CMP 22695Future position 337 points in profit.
Trade active
CMP 22570462 points in profit. Holding with CTC SL now.
Trade active
CMP 22488Future position 545 points in profit. Holding with Trailing SL.
Trade closed manually
Closed at 22570 with trailing SL.Trade closed: target reached
Although I closed my position in 500 points profit with trailing SL (I closed before election results because I usually don't trade on big event days).First target hit.
Second target missed by 250 points. I think it will hit second target as well in coming days!
Trade active
CMP 22865This market recovery for me is another opportunity to create short positions.
RR is very favorable here to create short positions.
Hence I am shorting Nifty Futures again at CMP 22860
I will add more quantity at 23200 - 23250, If comes & hold with SL of 23340
Trade active
CMP 23250Adding more quantity here.
Ave sell price now is 23055
Holding with 23400 strict SL.
Trade active
Nifty made a wick above 23400 on 5 min TF & witnessing heavy selling and corrected 150 points instantly.I will exit my position if any candle (15 or 30 mins candle) is giving strong closing above 23400.
Trade active
Not giving any strong closing above 23400.Every time it is touching 23400 zone, It is witnessing heavy selling.
Trade closed: stop reached
Sustaining above 23420 for about 30 mins now. Hence Closing my trade here.Booking 360 points loss.
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