Nifty: Gap Analysis and Follow up
After having a bad trading month in April, in May we traded less but got the view and trade right of Nifty moving up from 15800 odd levels to 16600-16800 odd levels.
In my last post, it was suggested that Nifty might not move high any further.
Accordingly we had covered our Long position and created a short position.
Today Nifty has filled up the gap zone which had got created on 30th May 2022.
Short positions created earlier may Consider to book profits and wait for the next cue.
So far so good...Nifty movement has been exactly as per what Technical Analysis guided us. Now it is interestingly poised here.... If Nifty holds on to this level, Nifty might try to recovery again. However if we see no follow up buying, then it might be a case of Nifty filling previous gap that was created on 6th May 2022 (highlighted in red colour) and we might see continuation of down trend.
Hence, here I would wait and watch before I take the next trade...
Take care & safe trading...!!!
To trade with me...
Like and Follow me
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
In my last post, it was suggested that Nifty might not move high any further.
Accordingly we had covered our Long position and created a short position.
Today Nifty has filled up the gap zone which had got created on 30th May 2022.
Short positions created earlier may Consider to book profits and wait for the next cue.
So far so good...Nifty movement has been exactly as per what Technical Analysis guided us. Now it is interestingly poised here.... If Nifty holds on to this level, Nifty might try to recovery again. However if we see no follow up buying, then it might be a case of Nifty filling previous gap that was created on 6th May 2022 (highlighted in red colour) and we might see continuation of down trend.
Hence, here I would wait and watch before I take the next trade...
Take care & safe trading...!!!
To trade with me...
Like and Follow me
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
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