- Nifty could be attempting the Line of Support for the 5th time
- the 2-3-5 Rule suggests not to Buy when it comes to the Line of Support for the 5th time.
- Would it break???
Target for the setup in case we see a breakdown is mentioned in the chart. SL if the line of resistance is taken out ( red trendline)
This is not an intraday view but more of a directional view in due course. Note our positions in Nifty has been taken earlier. You can go through my previous Nifty views to understand that part.
Also, this is all about probability and not a necessity it would happen. So do follow your risk management measures. Trade accordingly.
It's your money. Take decisions responsibly.
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Trade closed: target reached:
Charts have been indicating weakness.
2-3-5 Rule works its magic...
As it was the 5th attempt at the support line, we went with the rule (chances of breaking the line is high) and were aggressive on the shorts.
We had 18400 Call short position at 120 which was squared off earlier around 27 and shifted our call short position to 18200 Call short around 70
Along with that we had 17900 Put Long at 150 (this cost was taken care of and covered with the premium we had received on Call Short position)
Partial profit booking for 17900 Put was done around 254 and today we have booked full profits at 336
18200 Call short CMP 6
Happy trading....!!! 🙂
2-3-5 Rule works its magic...
As it was the 5th attempt at the support line, we went with the rule (chances of breaking the line is high) and were aggressive on the shorts.
We had 18400 Call short position at 120 which was squared off earlier around 27 and shifted our call short position to 18200 Call short around 70
Along with that we had 17900 Put Long at 150 (this cost was taken care of and covered with the premium we had received on Call Short position)
Partial profit booking for 17900 Put was done around 254 and today we have booked full profits at 336
18200 Call short CMP 6
Happy trading....!!! 🙂
