Morning !
Referring to my previous post about the appropriate shorting zone for NIFTY being 7972-8025 zone. I would want to update that this still not the time to buy as the RSI for index is at 66.5 and 70 for NIFTY and BANKNIFTY respectively.
NIFTY may test zone of 8250-8336 on upside in the coming couple of weeks, so either enter shorts in this zone or average your shorts made in 7972-8025 zone for a deeper correction in coming months of May-June-July.
BANKNIFTY may test zone of 17500 in the coming couple of weeks, same logic applies to BANKNIFTY to, either wait to short or average your shorts.
But by no ways i am advising anyone to buy at these levels, either step aside and wait or enter and average above. SL would be for 200 to 300 points from here.
My current BANKNIFTY SELL CALL is ACTIVE in zone of 16680-16700 with SL of 16740 on closing basis is active and please adhere to the small stop loss of 40-60 points if this closes above the given SL.
Happy Trading !
Referring to my previous post about the appropriate shorting zone for NIFTY being 7972-8025 zone. I would want to update that this still not the time to buy as the RSI for index is at 66.5 and 70 for NIFTY and BANKNIFTY respectively.
NIFTY may test zone of 8250-8336 on upside in the coming couple of weeks, so either enter shorts in this zone or average your shorts made in 7972-8025 zone for a deeper correction in coming months of May-June-July.
BANKNIFTY may test zone of 17500 in the coming couple of weeks, same logic applies to BANKNIFTY to, either wait to short or average your shorts.
But by no ways i am advising anyone to buy at these levels, either step aside and wait or enter and average above. SL would be for 200 to 300 points from here.
My current BANKNIFTY SELL CALL is ACTIVE in zone of 16680-16700 with SL of 16740 on closing basis is active and please adhere to the small stop loss of 40-60 points if this closes above the given SL.
Happy Trading !
Hi Abhishek. I exited my shorts today post your blog. Should I re enter fresh shorts looking at today s move or should I wait for the upside targets to reach. Pls share your thoughts.
ReplyDeleteSaharsh Daga: I am happy that you acted swifly....i also mentioned the same today on MMB board. Would let you know where to short.Missing 200 points is not a problem, but missing the potential top or bottom is the problem,which i don't want that should happen to anyone.Hold on with your capital,we will get a good opportunity within couple of weeks.
DeleteHi Abhishek. I exited my shorts today post your blog. Should I re enter fresh shorts looking at today s move or should I wait for the upside targets to reach. Pls share your thoughts.
ReplyDeleteSir now when expiry is on head you are giving targets of 8200-8300. Is there any solid reason???
ReplyDeleteNeeraj: The targets of 8225-8336 are not for this expiry it for the coming couple of weeks. That is the reason for exiting shorts and waiting,because honestly i would not suggest buying where index is trading at an RSI of 67 for NIFTY and 73 for BANKNIFTY. Reason is that i did some re-calculations over the weekend and assumed that the market should go further up before the second wave starts.
DeleteSir now when expiry is on head you are giving targets of 8200-8300. Is there any solid reason???
ReplyDeleteSir any update on nifty n bn after this fall as 7972-8025 for d time being proved to b resistance.r v going directly to 7300 from here or u still expect 8200-8300 range
ReplyDeleteNeet: Yesterday what we saw was the last fall for this upside till 8025-8123-8225-8336 (Less chances)....we should see a rise from yesterday's low i.e., 7788 a minimum of 300 and maximum of 550 points. i.e., 8088 and max 8358 points.
DeleteSir, in May series what is the low you are looking for in nifty as I am holding may puts
ReplyDeleteHi Abhishek. In that case can we go long to take benefit of this 300 point uptrend. Pls share your view. Thanks.
ReplyDeleteHi Abhishek. In that case can we go long to take benefit of this 300 point uptrend. Pls share your view. Thanks.
ReplyDelete