Traders have pressed GST Booster!

Markets have moved unexpectedly for those who did not gave attention to my last two posts but those who read it have earned many points on Nifty and we were left just few points away from my target of 8720! Its always tough to reach last lag of a game and it just seems the case here. Bulls MIGHT have to wait a little more to rally again. Today’s trade have got little pause to Traders GST Booster”.  Though overall trend is still intact to towards 9800 we might have to pass through great volatility to reach there. Looking ahead to GST update we might reach 9000 in August Expiry but looking ahead for some profit booking on next two days towars 8500. As we can notice in the attached chart, weekly channel breakout has been confirmed on Nifty charts  as we got third confirmed closed over the channel today. So one thing is confirmed that we are heading towards new high but looking at daily charts we might get some correction but that will be an opportunity to buy for those who left out. we might stop around 848-8500 which derivative support as well as channel support but i would again revise my stop loss back to 8380 (which is neckline of inverted H&S) as GST is set to bring high volatility but also would revise my target to 8890-9000 from 8720. Still would always suggest to hedge your position with appropriate Nifty PUTS. 

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