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Nifty has reached its overbought zone and closed below its 3-day exponential moving average (8845.64). Price close to upper bollinger bands and short term stochastics indicator has given bearish crossover. Last week I clearly told to play longs in sudden intraday dips and time and again that strategy worked. But, definitely no new longs please now.
Nifty aggressive traders may try shorts in sudden intraday rallies, with SL above 19th February’s high, i.e. 8913.45 and go for targets 8744-8692-8640. In longer term view best place of the SL should be above 9000 mark. It is too early to comment on the shorts and this week will be volatile due to budget on the Saturday, but more updates and accurate entry exit levels in Nifty options will be available to Live Nifty Tips subscribers.
In the TTTB Trading System weekly scan CNX Metals index has given a buy signal in weekly charts and I now suggest readers to accumulate metal scrips in every declines of the market. This is definitely a long term investment bet. May be some good is waiting for the metal sector in budget. Check the image below.
For TTTB Trading System lovers another bet to watch on. BSE symbol 6528, Keltec Energy, CMP 658, Peak 619.25, Trough 501. 101% our TTTB Trading System users have bought this scrip on Friday at 619.25 and minting money. Still upsides are there, keep this on your trading terminal.
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Indrajit is a professional blogger and trading system developer. Amibroker expert, Wordpress expert, SEO expert and stock market analyst.Trading since 2002, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.