These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
I am human, and I was positively exultant when the market opened with a gap up. However, after I sit back and look at the chart at the end of the day, I need to plan my day ahead.
Stepping back a little, we must take note of the fact that the Nifty has run into the resistance zone. The probability is extremely high that the Index would indeed continue its upward journey. But we must be prepared for any eventuality. A stop for longs could be placed slightly below the low of yesterday.
Those among us, who are short, could wait for the marked out level, where most of the stops are going to be bunched together. However, I would not suggest readers to be short, as the Nifty has made a short term bottom, which is much higher than yesterday's low.
Prepare the fireworks for Diwali.
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