Nifty Selling at Supply areaNifty has a trend line resistance and a higher timeframe supply nearby.
Aggressive entry will be shorting at 18200 with a stop loss of 60 points i.e., 18260
Another reason for shorting is Nifty gave an up move of almost 240 points and I'm expecting a correction at this point.
Even if it takes stop losses can try to enter the trade once it gives downside confirmation.
Short entry:18200
Stop loss: 18260
An ATM option will have approximately 15 rs per lot risk. Plan your trade according to your risk.
Managing the trade:
If the trade goes in our way
*Exit half Quantity @1:1 Risk/Reward Target and Shift to SL to cost
*Exit Half of the remaining with 1:1.5 or 1:2 Risk/Reward (by looking at momentum) and trail the SL.
*Exit remaining with trailing Stop loss.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES
***If you like my analysis let me know by a giving boost or a comment.
I will be updating it.
