Nifty is still in the same downtrend channel and it is near top of the channel. Hence. for me the best trade will be to short when Nifty touches the channel top. If nifty falls below the support trendline, I will again short for same target. If nifty behaves some other way, I will simply avoid taking trade. And no matter what, no more than 20 points SL. Thank you!
Trade closed: stop reached:
SL has been hit as Nifty breached the resistance. I will look for today closing and if the closing is within channel, I will trade the same setup but for next week. Hence, no any other study for next week. Thank you!
Comment:
Since Nifty gave a breakout, I will wait till Friday to initiate next week trade. If breakout sustains, I will go long and post another trade setup by Sunday and if breakout fails, I will continue this same trade for next expiry.
Comment:
Since Nifty gave breakout and sustained above it, this trade is now cancelled. I have posted another trade for next week.