I am just loving this, technical analysis at its best :-)
levels mentioned yesterday were 2815 on the higher side, and 2745 on the lower.nifty made a high of 2819 initially and fell to 2750 levels.
also markets being bullish, i assume lot of traders would have carried their long positions thinking of good upmove.however i had strongly advised that dont carry long positions as dow (US markets) have broken important support, and is headed 400 points down towards 8070 levels.as i m writing this, dow is already -270 :-)
now for today, nifty below 2745 will be weak, and breaking 2697 will head towards 2634 levels.
so i would short breaking 2697 with SL above 2745.
overnight longs are still a strict NO, as we r in a serious downtrend.
also, dont be in a hurry to take intraday position, as after a gap down nifty may pull up, and then sustaining below 2745 one may go short.
For further positional weakness, Nifty needs to close below 2745 today. The reverse is also true, closing above 2745, dont hold shorts, and wait for an upmove to short again.
(60 min Intraday chart attached, All Future Levels)
