Nifty has been at the all time highs and people buying pretty much everyday or the other. We need to have a bit of reality check here. It's totally fine to hold your Long positions unless and until some real negativity pops up (eg, Newton's First Law ~ An object in motion will continue to be in motion unless and until some external force acts upon it :D )
But what to do if a sudden breakdown comes ? where to create positions ?
Here's an answer to that.
1. If Nifty continues to move along the critical support line, let's continue being bullish 2. If Nifty breaks the critical support line,
a. Support 1 is at 14200 b. Support 2 is at 13850 c. Support 3 is at 13000 level
There might be some consolidation phase between Support 1 & Support 2 as well.
Why do I think a breakdown might happen ? a. Experience :) b. All financial metrics are hitting all time high c. Most of the good news & certainty news are almost over d. Institutional buying is thinning out c. Definitely we are due for a correction for quite sometime
But we need to remember this is our contingency plan and we continue to be long across all positions unless our TL breaks
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Markets seems to be very close to the TL
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Idea on a roll. in 2 days
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Let's kick off start profit booking --- Swing folks
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Will book 50% now around 14150. I hope you all listened & minting
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75% booked at 13750 level
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Today re-entered shorts at 13800 level closed all positions at 13675-12695 in order to avoid overnight volatility of budget day
More than 1000 points in NIFTY!!!! Great Trade closed