My advice=Book full profit in long at 5356 and go short at 5356 keeping 5379 as stoploss,(or) if 5270 is broken on downside first book loss in long and go short at 5270 with yesterday's high 5331 as stoploss.
Target for the short trade will be below 5195 (5128-5152).
If nifty spot closes above 5378 today,i should review the Head and shoulder pattern.If I am right,we should witness a major crash in nifty today after touching 5356.Target for Head and shoulder pattern is close to 4100 but don't panic there are supports near (5128-5152) / (4842-4887) / (4440-4489).
I will take a break from here,because I need to concentrate on my son's studies.
My wishes to all Mudraa friends to "Trade safely and profitably",Take care of your health also.
Thanks for all the friends for making this thread a grand success by crossing a big milestone of 2,00,000 views.
KINDLY DO YOUR OWN ANALYSIS BEFORE FOLLOWING ME,PREDICTING INDIAN MARKET IS VERY DIFFICULT,I WILLNOT TAKE ANY RESPONSIBILITY FOR PROFIT OR LOSS MADE BY YOU BY FOLLOWING ME.
Option Pricing : 5300 strike. Spot : 5323. Call is quoting at premium : 33 (LTP 56 minus 23) whereas put is quoting at 38+23 : 61. This means market would not like to go with general expectation of downward correction as premium for call is less that put. I'm not sure what kind of futuristic analysis can be made of these price / Open Int Volume but my guess is market is expected to go up.
200 min Ema moving average in a 2 min chart is blind (lay man's intraday method) to find the trend,you should draw trendline in it to book profits.It willnot work in rangebound day.I think now I am clear.
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