Nifty was in a confused box just two days ahead of expiry but bulls took it over at the last moment to prove Positive divergence as i mentioned before.
Though after yesterdays Dragon Fly Doji on Daily chart of Nifty many would have initiated a short trade…. Am i right??…But i didnt….Why and how did i get right?…because this was the perfect example of a Right candle but at a wrong time! Which means that a Dragon fly doji has most significant Only if its at the top of a previous rally and we were nowhere near top yesterday. So frankly speaking it would have been like burning fingers against the trend for short term traders. Though it doesnt mean long term trend has been a turnaround…This rally is just a short covering as i mentioned before. On The upside now we have strong resistance near to 200 Day sma at 8252. So short term traders should start booking on my long calls in the range of 8200-8250 in intraday…..
P.S. Strategy remains the same as last post…here is the snap…!!