#Budget 2018 - Update on the Nifty short book partial profits and trail stop loss

Hi All,


Update on the market view - 

As expected after breaking crucial supports near 10950-11000, markets slid further down and achieved the first support target of 10850...

Now going forward, 10820 (Daily Supertrend) -10760 (daily bottom) will act as crucial supports, traders can book partial /full profits around these levels, or trail stop loss at cost, as I feel that further downtrend can only accelerate when it breaks the mentioned supports.....

As of now, there is no concrete sign of bullishness, hence a long trade is not advisable unless we get to see something positive on charts.

Cheers

Hrishi

#Budget2018 - Markets gearing up for the D-Day ...! ! !

Hi All,


Update on the market view - 

As expected after breaking crucial supports near 10950-11000, markets slid further down and achieved the first support target of 10850...

Now going forward, 10820 (Daily Supertrend) -10760 (daily bottom) will act as crucial supports, traders can book partial profits around these levels, or trail stop loss, the further downtrend can only resume when it breaks the mentioned supports.....

As of now, there is no sign of bullishness, hence a long trade is advisable unless we get to see something positive on charts.

After taking a support near 10650-60 odd levels, Nifty continued its northward journey and scaled fresh highs near 11200....

Though last 2-3 days there were some bearish signs, nothing to worry about till such time Nifty is sustaining above 10950-11000 levels (Daily support and daily gap) as it is still maintaining the higher top higher bottom formation on daily charts, however breaking these levels, Nifty can slid down to 10850-10770-10650 levels.

By only looking at the charts (and not bothering about the Budget event), the bias will become bearish below 10950 with stop loss above 11200 levels.

However, as the #Budget2018 will be announced tomorrow, it's going to be a D Day for markets and traders are expected not to trade with high exposure and follow strict stop losses.

Cheers ! ! !