NIFTY – 18th Sepetember[Views presented are my own. Please use them as such only. Research, plan and trade on your risk]
As with the last post 2 weeks back, NIFTY didn’t break down and instead went on to be at higher high.
NIFTY trading volume is doing good, which means market euphoria is not yet there.
Bad news are discounted for now (which mostly means bullish sentiments).
In simplest words, till market breaks the recent lows of 10050, it is in uptrend.
Though, the real question is: What is probable and profitable path here?
- Staying long in NIFTY?
- Booking profit and wait for correction?
Well, for records, I am booking half of my NIFTY position. It has been a good run, I expect it to stay up, hence I will be holding the other half. Unless, system tells me to exit.
I expect current range to play with emotions for sometime.
So, I will be looking at selling calls and puts, once I am clear about the range of NIFTY band.
Hopefully, I will have clear idea tomorrow and I enter into the trade. (will update that when that happens)