Short

NIFTY - An interim correction in the finalk move

Updated

The market is facing an interim correction from today's high (as we can infer the pattern completion in Hourly charts (11-3-&7). It will fall to the areas through the supports as mentioned below,
The support will be as follows 23318,23157 & 23,035 (strong)~22960.
Apart from these, the coincidental areas can be found between trendlines & retracement as projected in the chart

Trade active

strategy is to take a sell from 23400 - 23420 levels. tp would be 23,041 (~370pts) & Sl would be 23481.05 (~ 70pts).

Note

If the market happens to breach 23,481 .05 high (SL), exit the trade & wait for short re-entry at 23,560~85 level.

Note

The pullback will be stronger when this move is completed to complete the trend in one large degree.
Therefore exit this position from 23,157 ~ 23,045-28 ~ 22960

Note

Risk-averse,exit @ 23,157 & adventurous traders can wait until 23,028~22960

Trade closed manually

Exit now & re-enter @ 23,560 - 585 levels

Note

RI is taken out on the opening, taking a short @ 23, 585 ~23,596 levels is a viable plan

WDG_Dinesh_Gengarajan

Best Regards,

WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
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