03 January 2014

On 02 Jan 2014 movement of Nifty, BankNifty was very dynamic, drifted down very fast but the over all market still seems bullish. Hourly stoploss got hit and closed at 6352 positional longs taken in Nifty @6161. As suggested, traders might have done part booking near 6370/6376/6382/6386/6397 levels and revised their stoploss to 6352 also in BankNifty.

Intraday scalping short was taken at 6401 and closed at 6373. But could not update in the blog. Later on market fell off heavily but no further trade is taken after the shorts booking at 6373.

Stocks gave stoploss hit and then they moved down. After loosing one point in both M&M, MARUTI stopped trading in stocks. Leaving the stocks for time being as Nifty & BankNifty started the volatility in the movement. Will come back to stocks when there is a good risk reward is noticed.

Nifty is long with a stoploss of 6151 NF holds (daily)  & 6168 NF holds (hourly).

BankNifty is long with a stoploss of 11063 BNF holds (daily) & 11063 BNF holds (hourly).

When a trade opportunity comes in Nifty or BankNifty, will go either long or short and hold the position until next signal come for the reversal of the trade.  

For the fresh entries enter as close as possible to the mentioned prices and stoploss is 20 points below for NF and 50 points below for BNF for the prices mentioned.

Stock prices mentioned above are future prices and are positional trades. Try to take short entries as close to the stoploss prices to avoid risk of M2M.

Stay tuned for exact entry in trades.

****Read the disclaimer before you take trading decisions.