NIFTY in standstill mode not ready to give any clear indication to positional traders. And maximum profits in the business of Trading mostly comes from Trending Markets as we witnessed in previous months of July and Aug. The choppy behaviour of markets currently doesn’t allow us to create any aggressive positions for swing trading. So as long as it stays sideways its wise to take small steps at a time.
But markets cant stay sideways for long time. Generally this kind of consolidation is followed by a strong move on upside or downside. In my sense according to few rules of Gann Theory this time we might witness downside. Obviously this view reverses once NIFTY crosses 11800 to 11825 on spot. But until it doesn’t cross this point we have several reasons to prepare and position ourselves for potential weekness in coming weeks and months. With a balance of our risk to handle any adverse volitility. Which might occur in coming days.
As Traders our first duty is to balance our risk and protect our capital. Because without capital management we cannot obtain success in this business. So when I say markets might fall it doesn’t mean to go short on everything. We have to look for week scripts to go short. At the same Time we also need to find strong scripts to trade. We should have a Trading Plan for all Possiblities.
Now as far as Price and Time are concerned for immediate term. NIFTY multiple supports are at 11380 and 11500 no major breakdown possible until supports are held. Personally not intrested in any long trade. According to Time Important to watch Equinox next week. Some memorable moves takes place on Equinox specially with NIFTY let’s see what unfolds this time.
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
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