On 04th Feb Nifty closed below the Magic Number of 6000 after a long time. Buy on Dips strategy definitely could not worked yesterday, which otherwise given us ample opportunity for several weeks.
I said earlier in my previous posts that its matter of time for markets to make new high. I am still sticking to that view, but it will take time, may be 3 to 4 months. Being a trader and follower of market, Instead of sticking to a particular view (Bullish) we need to review our trading strategies and Market Outlook particularly for short term trading, considering the very fact that ‘Market is Supreme’.
At present scenario, 5950 is the last hope for the bulls, breaking and closing below this level for couple of days entire bullish sentiments would be turned negative, but subsequently I must emphasize that by protecting this very level Bulls will be having upper hand once again and bullish rally may continue. I would like to prefer here for couple of days for positional trades.
Trading strategies : Till Nifty protects 5950 Buy for intraday around 5970/60 with strict SL of 5940 for the targets of 20 & 40 points. If breaks 5950 decisively go short with SL of 5970 for 25/50 points.