Nifty touched an All time high of 16700 and started to retrace. There is a good chance of pull back down to 16280/16140 levels for consolidation, and world markets seem to be in favour of such a consolidation at this time, before further highs are attempted. Can use any Gap down opportunity to wait for a pull back to higher level and rejection to confirm the downtrend move, and enter into short position.
** Important Note - This post is my own study of the mentioned scrip and the views are given with reservation that they may prove to be wrong. I am not a SEBI registered analyst. Please consult your investment advisor before making financial investments.
** Important Note - This post is my own study of the mentioned scrip and the views are given with reservation that they may prove to be wrong. I am not a SEBI registered analyst. Please consult your investment advisor before making financial investments.
Comment:
Trade is not yet marked active, since Nifty is yet to give a closing below 16440 on daily basis.
Order cancelled:
Trade idea stands cancelled as Entry levels did not come. May come back to the same levels in future if 16700 acts as resistance. Will initiate new trade at the time.