February 11, 2014

NIFTY intraday analysis

NIFTY has been rangebound for some time now. The dotted lines refer to previous day's high/ lows.

First bar of the day saw selling. Short trade came on 3rd bar... but this was stopped out around 10.35...(2nd arrow). Thereafter it did not make sense to take any trade as a long position was anti-trend plus the fact we were close to a selling zone.

The subsequent short trade did not generate any profits.

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