August 26, 2016

Nifty Indicating Bounce above 8728 – EW Analysis for 26 August Onward

Deepak Kumar | August 25, 2016

Nifty opened mild gap up today at 8668 and bounced to register day’s high 8683 but failed to sustain at higher levels and declined sharply by 100 points from high to register day’s low 8583 before closing 58 points down at 8592.

Yesterday, short term trading strategy was “Buying on Dips” and longs taken in 8594-8570 were suggested to hold using stoploss at 8594 expecting 8728 on upside. Further, suggested to avoid shorts even if stoploss of 8594 triggers as long as Nifty is trading above 8540. Trailing stoploss of 8594 triggered but trade was giving 90 points profit (8594 to 8683) at the risk of 54 points, thus the trade must be finished in either profit or cost to cost. Let’s have a fresh look at latest charts for further scenario.


No comments:

Post a Comment

Share this...