In our last post on 13th June, we suggested booking profits and going shorts whenever Nifty closes below the previous day's low. Despite breaking the last day's low many times, Nifty never closed below the previous day's low and avoided giving a sell signal and remained a buy on dips. In the last week, it sprinted past 24000 to a resistance level of 24200 on short covering and fresh buying by FPI's. We maintain our strategy of holding longs until Nifty closes below the low of the previous day. By using this strategy, we are able to hold our longs with a close trailing stoploss. Today, Nifty opened at a new all-time high of 24228.75 and corrected immediately after making a high of 24236.35. Nifty tried to recover but failed to break the high and broke morning low of 24073.65, which is a sign of weakness. Now, if Nifty closes below yesterday's low of 23992.70, then it will make an engulfing bearish pattern, and the reversal will also be confirmed. So, keep an eye on the closing level. NiftyBank has already given a weakness signal after touching 53000. We wish you all the best for the July series. 👍
You research and write well on this, except that you don't provide spaces between your proprietary research sentences on linkedin..... Just a suggestion for having more true followers
Appreciate, if you can please advise on US markets as well.
Manager
9moThanks for the updates, Sir .🎉🎉🙏