At the time of this post we are up 40 points with the Nifty around 5340 levels.
The buying which we have been seeing from 5100 levels, seems to be slowing down.
I will strongly advise against initiating new long positions in stocks or indices at these levels.
If you are long on existing positions, tighten your stops or book profits by EOD or tomorrow.
There may be another melt-up, but rest assured it will not be institutional driven and they may look at selling into the move.
I will not be active in the comments section this afternoon, so if you are long the Nifty and the Bank Nifty, keep booking profits.I will have an update EOD.
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Shai or any member of the team at Vtrender may or may not hold positions in the aforementioned securities/ indices at the time of publication, although holdings can change at any time.
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Futures, Stock and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
Under no circumstances does the information in this content represent a recommendation to buy or sell any security mentioned. All examples are provided for educational purposes only.
Past performance is not indicative of future results.
Prior to buying or selling , you should read and understand the Characteristics and Risks involved.
Futures, Stock and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
2 comments:
Back from a quick lunch.
Am I glad I booked out of my longs?? :)5315 now.
Well timing.. actually i was shorted @ 5324 and thought of closing positions with loss at 5340 level but after reading your comments at around 2PM, Kept position with SL of 5351..
Finally nifty came down to 5315 booked profit from loss position..
Thanks yoru good work to giving your levels on Ilango blog..
May god bless you..
Thanks,
Ramesh.
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