So finally my Nifty target of 9180 hits. Those who are recently started following me can read my post ‘Fresh Breakout? What Is The Next Target Of Nifty?’ Way back in January I posted my Nifty trend target of 9180. Never miss this kind of trading alerts, to stay connected please subscribe to my email updates in the email subscribe form below this post and also in the sidebar of this page. Now, what should be the Nifty view?
There was a classic trading opportunity on last Friday on Nifty. Almost Sureshot profit of 30-40 points could be made even in this tight range. That don’t know my simple strategy of Open = High means SHORT please read Open High Low Same Trading Strategy For Indian Stock Market. Nifty future’s open and high was same and Nifty corrected throughout the day. And there were even more reasons to short. Price hits the long-term Nifty target of 9180. Time to book profit on longs.
Now, what is the Nifty view?
The Nifty trend is still UP as there is not yet any bearish sign apart from the open high same in the Nifty future. As my Nifty target on the upside is already hit I will not enter any fresh longs as that can be risky. Rather its time to wait for an upside pivot to be formed. Once we get a decent pivot on the upside we can use GANN analysis and get the supports on the downside. If you use Advanced Get you can get these tools very easily. Even an end of day version is more than enough.
As per my next week’s Nifty view, fresh positional shorts we need some more time to analyze, but in case Nifty clearly closes above MAKE OR BREAK upper ceiling of 9250 once again we will enter the fresh bull orbit of the Nifty trend. Till then enjoy the profits you earned from the last BUY trade. Cheers!!
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.