Despite having an early morning weak opening Nifty closed with a pullback and managed to close at 5887.40 with a small white body candle. Even if, it once again gets headed towards 5930-5960 our strategy will remain same "sell on rally". We believe supply pressure will gather steam once again around those crucial resistance levels. We observed down trending volatile movements in last few sessions along with huge retracement in most of the Index majors.
All are trading below their respective crucial moving averages (in some cases below 200DEMA) which mean they are in strong grief of short term bears, but it does not rule out the possibility pull back. So, right at this juncture we advise people to avoid aggressive short selling; stocks, those did not make new low in last few sessions. Rather wait for a technically justified level to go for short selling once again.
Nifty (Fut): 5892.65:
Trading Strategy-
Buy above 5920 target-5960 SL- 5900.
Sell below 5860 target- 5820 SL: 5880.
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