Bank Nifty – 2nd Aug

By Rohit / a few months ago
bank nifty 2nd aug

Bank Nifty : Shorts Partially covered

On 30 min time frame, Bank Nifty is forming double bottom. This may or may not be end of this small correction. Hence, time to book at least some part of shorts running since 31st July 2018.

One of the other reason to book on such small notice is that this is a contra trade in a trend move. Which means, it can turn anytime.

As technical trader, you need to be very clear what is the system that you follow. And don’t deviate from that system. Right now, this set up provided us a ultra short term shorting opportunity and we used it. But, the main trend is still up, and hence the need to be nimble about trading positions.

Bank Nifty has tendency to give wild swings at such junctions of a trend, hence stop loss should be placed with due care.

 

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