Morning !
Referring to my previous post of SELL call for both NIFTY and BANKNIFTY with SL of 8450 and 18150 on closing basis. Both were taken out. These SLs should strictly be adhered, as this is an impulsive wave since 6825 till now. The SELL call given by me was to catch an intermediate correction of 250-300 odd points on downside, but NIFTY only corrected 111 points (8398 to 8287).
As i have been mentioning that NIFTY has lot of levels to be achieved on upside irrespective of the BREXIT event, the same has been shown by the price actions in last 2 weeks trading sessions.
This impulsive wave has the ability to touch 8650 and 8950 too and that too with the same velocity and force as it did when it broke 7777 7992 8295.
I would advise traders to step aside for 3 to 4 trading sessions from trading in indices and be stock specific for a while.
Below are two recommendations for stock specific trades (NOTE all levels are SPOT levels)
SELL YESBANK AT CMP 1140 with closing basis SL of 1150 and target of 1100, positional trade 2 to 3 sessions.
SELL IDEA AT CMP 103.15 with closing basis SL of 104.25 and target of 99, positional trade 2 to 3 sessions.
Happy Trading !
Referring to my previous post of SELL call for both NIFTY and BANKNIFTY with SL of 8450 and 18150 on closing basis. Both were taken out. These SLs should strictly be adhered, as this is an impulsive wave since 6825 till now. The SELL call given by me was to catch an intermediate correction of 250-300 odd points on downside, but NIFTY only corrected 111 points (8398 to 8287).
As i have been mentioning that NIFTY has lot of levels to be achieved on upside irrespective of the BREXIT event, the same has been shown by the price actions in last 2 weeks trading sessions.
This impulsive wave has the ability to touch 8650 and 8950 too and that too with the same velocity and force as it did when it broke 7777 7992 8295.
I would advise traders to step aside for 3 to 4 trading sessions from trading in indices and be stock specific for a while.
Below are two recommendations for stock specific trades (NOTE all levels are SPOT levels)
SELL YESBANK AT CMP 1140 with closing basis SL of 1150 and target of 1100, positional trade 2 to 3 sessions.
SELL IDEA AT CMP 103.15 with closing basis SL of 104.25 and target of 99, positional trade 2 to 3 sessions.
Happy Trading !
Now what's next Abhishek sir? Shall we wait for a dip to buy or try to catch the running train!!!
ReplyDeleteNeeraj: I think you have answered your query on your own just in 2 minutes of your question....i would advise to take SL in this position if you are willing to buy....though i have mentioned that this impulsive wave this has the ability to touch 8650 and 8950 both and i also agree that in this impulsive waves overbought RSI would not mean a big correction or a minor crash but they would be just mini/minor correction which will bring back the RSI below overbought zone....so any fall from here can also give a lethal look like it did during BREXIT but ultimately it has to go up...as of now i am refraining to trade myself in indices and would advise people to do same, if they want to buy then please adhere to stop loss of your choice/capacity.
DeleteThanks Abhishek sir, what I posted to my own query was just a desperation rendered in my positions.I was long till 8445, then U-turned short. Now in dilemma!!!
DeleteNeeraj: Got it, stay in short with a strick SL of 8650 on closing basis...highly likely you will get your short price 8445 and then you can break even from there and again enter into long around 8400-8350 zone....for fresh highs above 8650 and 8950......stick on to your short with strict SL 8650 closing basis.
DeleteThank you so much Abhishek sir!!!😆
DeleteNo, wait for a dip upto around 8350 and buy for target of 8666 in july expiry!!!
ReplyDeleteNo, wait for a dip upto around 8350 and buy for target of 8666 in july expiry!!!
ReplyDeleteSir any fresh update,I mean in nifty and bank nifty??
ReplyDeleteNeet: The view is though for upside, but looking at many stock rally they are fizzing out the steam and ready for a turn....though indices and stocks have their own wave structure,but usually they start signalling as leading indicators on the indice movement...buying still can be done but with decent SL.
Delete8350-8380 level is on its way. So short 8360 spot for these targets. This will happen either on Friday or Monday 15th July. Can enter fresh longs from there
ReplyDeleteSorry 8560
DeleteSorry 8560
DeleteWat do u mean is it a short or long trade bro.i think u urself is confused
DeleteAbhishek sir, nifty future didn't breach 8555 on higher side on Friday, can we see it near 8400 on Monday or Tuesday? Please reply. I am holding 8500 put options in large quantities@42.
ReplyDeleteNeeraj: The problem is about the timings in options and specially in the expiry week,if i were you i would have exited at break even on this put because the way markets are behaving in a sideways manner it is bound to suck up all the premium in puts,you should go for August expiry, regarding future i recall what i have suggested you, i would want you to stick to that, but again for options, expiry week can just kill them.
DeleteThanks sir... Thanks sir... Somehow managed to exit!!!
Delete