The rally continues in our markets which took NIFTY above the high of sep of 11618 today. Which was a first real challenge for the structure for swing Trading. Now it has to cross the high of Aug the level which stands at 11794 to conform the Trend Reversal. But before we get deep into it let’s understand what really is going on with NIFTY since last 13 Trading sessions. Sharing a short data below.
Nifty
16 Sep High 11618
24 Sep Low 10790
*(828 Points Fall in 6 Trading Days)*
24 Sept low 10790
Today’s High 11680
*(888 Points Rise in 7 Trading Days)* total 1716 points of movement in just 13 Trading sessions. Out of which we made 1375 points of profits on both sides using various Price cycle theories. Now after such a marathon rally since 11400 our view is to avoid longs for positional or even overnight Trading. Though it’s a fact that we saw back to back gap ups but still as an active trader personally still wont mind to let go few more points on upside. Because after 7 years of Trading experience 1 thing I can share is few times it’s not possible to get the point of view correct technically. Specially when external vibrations starts influencing the overall structure of any market. But it’s completely fine and it happens sequentially
Coming back to the short term setup for NIFTY. As suggested in morning a safe short trade for conservative traders opens up only below 11350 during the day we were way above this point of 11350 so shortterm setup continues to stay strong and positive upto 11725 and 11765 on spot. Supports lies at 11490 as per triangle and 11380 as a weekly Gann Level as far as these levels holds nothing much to worry about. In short term. The Time Factor comes into play from tomorrow because a cycle ends tomorrow and another starts from Thursday so expect a voletile trade in next couple of days
Writing this post late night because during markets getting less time to update my view. Lastly thanks for all emails and messages to encourage me to write such blogs
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.https://www.facebook.com/Gann-Price-Time-Analysis-826757471056089/
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