Nifty sluggish

Nifty is looking weak & I have opened short positions. Negative divergences have appeared and if Nifty goes below 5250 it will head to about 5000, giving us the 10% correction we have been waiting for. A move above 5460-5480 would be stoploss level.

Nifty breaks the range

Nifty will break the range tomorrow and is headed higher. I am taking a break for some time and need to reassess my strategy as I was going short on the market however the markets are supreme and sometimes markets do make you feel humble...I think being long and being stock specific is the need of the hour in this market.

Happy trading!

Range bound markets!

Nifty could not sustain the uptrend and now seems it is stuck again in the range. Monday will be a final confirmation for this. However if on Monday we donot significantly go up, then my fear is we would go down. 4950 should not break in this downturn, and the markets would reverse before that. However cannot hold longs for a 200 point drop, hence if markets take a dip it will be prudent to cover the long and infact go short. In these sharp whipsaws and ranges it is very important to be nimble footed and change positions if markets are not acting according to plan