The last five days of Nifty also shows that it had lost ground in four out of those five day.
SGX nifty is trading +50 points - hovering just around 4020/4030 which was the highest level on Friday before Nifty suddenly gave way.
It seems therefore that we may have a uptrending day - the problem with my statement is that almost everyone may be thinking the same - where is the edge then?
At any rate, it might be prudent not to short today ( not until we reach somewhere near 4220) and perhaps go long with a Nifty spot SL at 3920 which was the lowest point yesterday.
If it turns out to be a volatile day as well, trailing SL may not work, in which case book profit when your target is reached . What could be a good target? For day traders, a target that gives them silghtly above their average profit per trade might be a good target.
If you have any comments please write to me at stockmarket.methods.in.madness@gmail.com
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Disclaimer: The above analysis is just that - my analysis. If you choose to trade on the basis of this analysis, you will be solely responsible for the outcome of the trade - profit or loss. Please keep in mind that trading and in particular day trading is not for the novice and there is significant risk of loss of capital in trading.
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