MARKET DIRECTION:
well the market showing weakness but nifty is at reasonable support, the following points are in favour of nifty
1: nifty is near 100 day dma
2: nifty is with the lower end of 7 months range, ie if it breaks this range, we will enter into a down trend, but till it is broken , i remain positive
3: we are still in a uptrend as per dow theory as we are making higher highs, so even if we have to fall we may go up and make a lower high ie rise from this level and then fail to cross 5300 and thereby making a lower high.
however negative newsflow is the flavour these days, poor earning by capital goods cos. chinese problem.
still i would say the good thing is that we are at the make or break level. if nifty breaks lows of first 4980 and 4950 it better to cut long position and go short. So if nifty sustains one can buy at these levels, and can expect atleast 100 to 150 points on nifty.
i tried to go long on nifty and bank of india on monday but closed position on nominal gains in the last hour as weekness
pals, i m a swing trader and i am ok with my trading skills, i always wondered if we can share our ideas and post our trades and track them on daily basis , it would be good for us and other fellas as well.
my trading strategy
1: will only trade stock listed in the fno stock and will trade both on long and short side of the market.
2: Trade will generally be taken on the direction of index, ie if i m bullish on nifty mostly trades will be long, so i'll keep updating my stance on nifty.
3: all the calls will be pe positoinal ie no intraday trades
4: will keep a close eye on sectorial indices, and will post charts of indices that shows strength / weakness.
5: I'll mention all the trades that i took and keep udating my view on them till i close them.
I am no expert but reasonablly competent and this post of mine is a request to all full time traders seeking their advice and sharing ideas.
