NIFTY finally broke the cycle of constant upsides today. But considering it a larger trend reversal is bit too early. Since the start of this month NIFTY has come the long way from 11557 to 12963 so far. So last 18 days are extraordinary for all participant’s. We too as Gann Traders had made good amount of profits on our deals during this rally. But the real test of all traders and their skills lies ahead of us.
Because when market breaks its rhythm it enters the most complicated phase for Traders. Earlier I expected NIFTY to make a shortterm top around 12850 but it went pass above it so the stoploss was moved higher and was trailed up again above 12950. After todays decline we are out of all longs.. and entered DECEMBER puts. But conservative traders should wait till 12600 breaks for any short trades. Because markets would attempt to move higher on any upsides 12950 to 12970 would remain a critical zone for next week.
Markets would approach 2 important dates in both upcoming 2 trading sessions so be prepared for voletility ahead.
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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