Comments are there in the chart. To me I think we will have a fall today. But just to make sure we do not wipe out handsome profit we must have logical triling stop loss and here it is - 4911. I have explained the logic in the chart. If this is 3rd wave down according to red counts then market will keep going down and earlier support of 4911 will be now resistance.But if this is flat correction of earlier rally then market much make bottom somewhere here and start rallying. So 4911 I have suggested as a trailing stop loss. If market rally one may jump into buy but only after it takes out 5 day avg which is around 5050 and too far. So will not think about that as of now.
PS - I will have 4921 as trailing stop loss
suddenly nifty went upto 4930 and finally it crashed to 4867.Whether it will go higher or lower.I am a follower of you through vfm direct.You are giving a correct picture.Yesterday europe markets ended in green.I hope indian market will open higher.Am i correct?
ReplyDeleteHI Jagannathan,
ReplyDeleteThanks for appreciating my work.
It seems we may open higher and go higher. Market has taken support around 4800 which was gap support and moved up sharply. that says to me that 4800 may remain support for a while . May be...But shorts must book profit as I discussed in my post. Now market is at a juncture we need some time for market to tell us what it wants to do. so I will wait for a day or two to base my view.