Our last week nifty range of higher side 12050 was perfect as Nifty could scale up to 12034 and there is pause in the momentum. There is no confirmation of reversal in any of the indicators in the chart, as bank nifty is still holding the numbers and closed 400 above previous week close. In this kind of situation one must see both the index and confirm the trend. Unless 11840 is broken on a daily basis, question of shorting does not arise. The upper side is capped at 12035. Any long position should be protected with strict SL.
Range for next week : Nifty 11800-12100 BN 29800-31500.
11840/30030 are the key numbers to decide the move for nifty and bank nifty. Close your long position if a daily close happens below these numbers and go for short.
Good Luck!
PS: As per the feed back I get from the new members, most of them have given a clear verdict that they have stopped wrong trades, wait for our buy prices and it works perfect. They have accepted the fact that they have been trading without knowing levels and correct buy prices. My levels are an eye opener to them.
The funniest part is some of my members are shop owners and truck drivers. They are able to make profit with my suggestions as they follow the trade discipline. People with half knowledge tend to lose money once they start deviating from the trade rules set.
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