Technical analyst, Sudarshan Sukhani, s2analytics.com says since yesterday markets had a disappointing close, the short-term trading strategies will have to be reworked.
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Market is an up trend but Nifty is now back in a trading range of 5950-6050, he adds.
He advises only intraday trades and says, "When there is a sharp dip look to buy support and when there is a big rally look to sell resistance."
Below is the edited transcript of his interview on CNBC-TV
Q: Disappointing turn to events yesterday. Would you rework the short-term goals for a Nifty trader?
A: Yes you are right in both counts it was a disappointing turn of events. The Nifty could have corrected but the deep and sharp momentum on the downside was surprising. We have to rework our short-term trading strategy. First of all a close below 6000 or a move below 6000 was a signal to exit all long trades that is for the short-term trader. That happened yesterday itself much to my surprise.
So at this point traders should not be having any positions and we are back to where the Nifty spends most of its time, the trading range. So we have a range now broadly between 5950-6050. The view is still that we are in an uptrend, these things could happen but the first question mark on the uptrend did come yesterday.
The reworking is that take only intraday trades. When there is a sharp dip look to buy support and when there is a big rally look to sell resistance. The Nifty could spend a lot more time in this range.
more to come
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