Nifty Bears on Prowl How to Trade now?

By | August 3, 2011

Nifty Hourly

Nifty is set to Open Gap Down of 80 Points as per  SGX Nifty (Click on Link to See SGX Nifty Rate ). Global markets are correcting on lower growth forecast and Weak Fragile economy of developed markets.

Trader should trade with the trend and never fight the market to protect his most valuable asset — Trading Capital

As per Nifty Hourly Chart Next levels of support is at 5380 and 5320. We will open around 5380 levels and if around 10 Am we are still trading below 5400 levels we can see a continuation of downtrend.

Gap Down can be bought in opening trade for Quick 10-20 points with a strict sl of opening low.

 

Nifty Daily

As i have covered in my weekly analysis also we have broken the Trendline on downside and next target should be around 5400 and 5330 region where there is still a gap which needs to be filled,

Daily Indicators are in oversold in trending market Indicators will never work. Only have faith  in PRICE

 

Nifty Fibo

AS per Fibo Levels 5404 and 5324 are next support which are Fibo retracement from High of 5740 from 5195.

Shorts should be held and initiated on rise with a Sl of 5433

Longs shall be taken only near 5365-5380with SL of opening lows for a Quick tgt of 5400-5410 only.Please do not carry longs as positional trade.

 

Interested in Learning How to trade in Nifty/Stocks Profitably Intraday/Positional

If you are Loosing Money while trading it is because of 3 Reasons

  • No Trading System -To Generate levels
  • No Trading Plan -To Execute Trades
  • Lack of Discipline

We can help you out in on the same bottlenecks and help you in trading profitably.

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