CNX-NIFTY
Please note that from the bottom of 7714.15 it took 12 days
to make a top at 7979.30 and then went down and that correction lasted for 9
days and it made a bottom at 7551.05 and then again it started moving up and
made a top at 7972.55 in 14 days and started correcting and the on- going down move
is already 11 days old. You would find that it has taken less time to make a bottom
on first occasion and at present the situation is similar. However it could
take 1or 2 days more also to complete the process. Therefore the week starting today looks
crucial and it could make a short bottom in this week and the possible downside
before it makes a short bottom may not be below 7295. It is therefore suggested
to avoid short call if it maintains above 7422. Long call can be tried if it
maintains above 7422 with a stop loss of below 7400 or near 7295 with a stop
loss of below 7265.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
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Thank you for sharing your views.