Sigh!!! Saved from the whipsaw because of Gap-up else, I’d have surely shorted at the top of the range as mentioned yesterday.
Now what, although the FDI news should have already been discounted in the price still expect some euphoria tomorrow and some more in coming days. I’m getting more convinced that we are reaching a top here, I don’t understand much about EW theory but, this looks like an 5th wave in progress. Trade your short term bets but, do guard your investment portfolio, that’s what I’ll be doing.
Below is Nifty Hourly chart
Nifty Hourly chart indicates that conservative shorts are safe below 5850 levels only and Nifty Weekly chart suggests that 5950 is the next major resistance level. In between try to scalp with strict SL else, sit tight twiddling your thumbs.
Nifty Hourly
Nifty Weekly
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