SHORT NIFTY FOR NEAR TERM GAINS
NIFTY after a very strong run post breaking 8300 is now in overbought territory. It also has hit significant resistance at 8800. This is a good set up to go short. I would play it by buying 8700 puts. Target 8550.
Note
As I had observed earlier, there is a very strong resistance around 8800, and this further lends credence to the strategy I had outlined earlier.Note
A nice move down today. Expecting further weakness.Note
the rally today looks more like a 'fake out' than a break out. I fully expect this to go down from here. Still bearish and sticking to my original price target and strategy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.