On 16th Oct it was written to initiate Long trade above 5750 only rather selling 5500 Puts. Who have written puts must be enjoying the trade. Now what Next ?
For last couple of weeks Nifty is consolidating in the range of 5740-5640 forming a flag pattern (check chart). This range is required to be broken either side for a fresh trade.
I am fully aware of the US & European market’s meltdown, but according to charts our market is standing tall comparing to them. Present Bias is positive, Trend is positive (All three Trends) and could not found any reason for panic or going shorts blindly.
Let us wait for Market to take decision of its own, break the range in either side to take fresh trades.
My bet for longs above 5750 only…..Lets see……