Daily Nifty Futures chart
Yes I have been a bear since 2nd March, 10-30am, and though some anxious hours had to be passed due to the ranging trade for most of both yesterday and today , sticking to technical analysis sure paid off. Inspite of the ranging with a slightly upward bias till 2pm, I was confident the slide had to come, as nifty could just about rally above yesterdays close. However, to be on the safe side, I brought down my stop loss to 2700 (spot level) . This way I would breakeven or just about make money to take care of the transaction costs in case I got stopped out. But the enjoyable slide came. Booked profits in 25 % of my positions 15 minutes before close.
The nifty moved very much like yesterday , moving in a small range for most part of the day and then a fall in the last hour. Technical targets remain the same as shown yesterday. The stop loss for shorts can be brought down to 2700 from stop loss levels for tuesday at 2800.
Todays chart is the daily nifty futures chart which shows that the triangle pattern has conformed to the volume pattern too. Volumes should fall as the price moves towards apex point of the triangle and the downtrending line on the volumes shows just that.
Happy Trading !!