Nifty is following the sentiment changes where the mood has shifted to profit booking and correction. But I would like to repeat again that over bought markets tend to go higher. Few days back where even a monkey with a demat account was long on the index, today most of them have take SL or shifted to the short side. That gives bulls a chance to initiate a short covering move. Am I sure of it? Hell no but I have seen markets behave like this. Some times it can go sideways too.
Conviction Neutral Bias bearish
Trading Ideas
Long above 17840 Target 17965-18000 Short below 17709 Target 17613
>>Option buying
Long Position: Buy 17900 CE Short position: Buy 17600 PE
>>Option Selling
Sell 17500 PE AND 18000 CE with SL of 25 points
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