Nifty Hourly Chart

Nifty was trading in a narrow falling channel. In today's trading session Nifty has managed to close marginally above the channel. In fact today buy call on nifty fut was given almost at the support of the channel 4797 however I should admit that exit was incorrect.

RSI is also showing a positive crossover and as per hourly chart Nifty is expected to move towards

4953 and above.

Nifty Daily Chart

Nifty has closed at 4791 above the falling trend line. Now the question is was it a false breakout?.

It would be early to say as indicators like RSI,MACD is not showing signs of reversal. So next trading session plays very important role in deciding the direction of the market.

 

Open Positions

                                                      Entry Price   CMP        P/L

1 lot  Nifty 4900 put      Short       129                78          2550

2 lots Nifty 4800 put      Long        79                 42         (3700)

SBI  40 shs                     Long      1907              1941      1360  

Summary of Intraday Calls       

Nifty fut long at 4797. Booked loss at 4783

SBI bought at 1907 position open.

Thought for the day

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
Warren Buffett