Sorry guys..I know long time since a post...Well to tell the truth I have been busy..very busy past few days...Its that time of the year when all projects start rolling out...And well the markets to tell the truth, I have been frustrated by the moves..I did not get any good entries for my shorts...Some of them I have are under water...I did short a ton of 2900 Nifty calls and so some sort of pay back in them...
But I hope some of you stayed sane and out of trouble coz of my last post where I clearly mentioned thats its not wise to be long in this market..We are not at a bottom..Yet.
And still I was apalled again at some bloggers and gurus still calling for bullishness...The market obliged and created a bull trap by breaking above 2860...And then gapping below it today...
So what next...2860 remains the pivot...Longs should not exist below this level. Above this also, try shorting with stops...I remain bearish until I see signs of real capitulation.
Charts for your review - (As SS(Mr Timamo) adviced, I am adding charts with a closer look)
More to follow later. Stay safe out there.
a closing below 2836 today would mean that nifty will target 2757-2658, with a SL of 2920 on positional basis.
yesterday, nifty faced resistence at the higher trendline, so i expect some downside in the comming week.
if closes below 2836 today, i will carry my shorts with 2920 sl
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