One can continue to hold the shorts..
OR Book out the shorts at the open, trade a range of 5090/5100 to 5135/5150 and create shorts @ higher levels with 5182 as SL.
5-day low is 5067 and the Daily channel bottom(medium term) is 5020 for the day.
Availability of my time may be restricted today..
13 comments:
Thank you, Ilango, Bajaj Hindustan has rocked since you recommended, should I exit or what should be the new SL, I had booked 30 % a day before Diwali and 10 % yesterday, still left with 60 %. Thank you for all your assistance.
Cheers
Kapil
Dear Ilango,
The other thing I did was buy the future yesterday at 5098 with a SL at 5060 and sold the 5100 call at 78, so if by month end it stays around here or moves higher then I get to make a small profit of this premium, should I add to this, just playing with 1 lot on this.
Cheers
Hi..Kapil,
It is closer to its top made post "election results".
Weekly channel resistance comes at 270+..(Ideal level).
I feel Book out gradually from here on.
You have done really well.
Hi Ilango.
Good Morning.
I am currently holding short on SBI 1 Lot Oct series. What levels do I book out consdiering that the Bank Nifty as discussed yesterday will move to 5 day low at 8700.
Hello Ilango sir, i exited my shorts and went long in NF@ 5096, what sud be my SL (and i ll again be short near 5130.)
Hi..Mayur,
SBI has moved up from 1510 to 2500 in 5 waves and the 5th wave was quite sharp starting from 2047 to 2500(Typical of 5th wave). During this corrective down move, it is expected to touch 2235(the 3rd wave top or the start of its 4th wave) and in weaker case, it can retrace the entire 5th wave move(2047).
To day, it has broken the 2 day low. It is most likely to head towards its 5 day low @ 2275.
So book profits around 2235-2275 first taking into account the general market conditions..
Hi..Bizagra,
It is likely to be a narrow trading day in the first half. Today's Pivot is @ 5133.
SL is day's low for longs as of now. See how it behaves around the Pivot as well as @ 5150.
Ilango sir, we sud be long or short according to markets as of now for today??
Hi..Bizagra,
It is a small trading range..5090 - 5135/5150 before more falls to unfold. Strength of this rally will determine how far it can move up..
Undercurrent remains bearish..though market is holding 5100 reasonably well. More bearishness will be only below 5090. Bullishness may return on a move above 5155-5165..
Ilango sir, as i m not holding any position and never got a higher level to short again, where should i take short position now?it has also broken 5090 NS.
Hi..Bizagra,
If higher levels do not come, re short @ the buy level or at the break of day's low of 5091. 5 day's low of 5067 is the next trigger.
okk, thanks for the guidence.
and...5067 done :) great!!
krish
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