Nifty

Nifty Showing Signs of Profit Booking

Nifty had a tremendous run through April expiry but finally its showing some signs of profit booking on daily chart. In my last post i recommended to keep trailing stop loss at 7848 and it has been triggered today. After the 4 consecutive close over 200 Day average, Nifty has closed below the same but its just marginally. Constructing Elliot wave on the recent past it seems that we are going to witness some sell-off in coming days upto the range of 7700-7750 which is also coinciding with option support and also has a unfilled gap around 7717. So future traders should exit the position once tomorrow and take a fresh call after some sell-off. Indicators on daily charts  have also given bearish crossover on the chart confirming our short term bearish mood. Though we wont trade for such a small gap down but view is surely of achieved 7750 before expiry.

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