As expected by me yesterday the breach of trendline at open meant more downside. It was a day completely dominated by sellers yesterday and and there was no respite on offer for the bulls. Intraday, once it slipped below 2790 it never saw the daylight and kep falling until 2750. I was not expecting NF to go below 2750 but it surprised me by going down to 2742, however in the end it did pull itself up back to close above my M1 at 2752.
Our swing shorts should be around 100 points plus now and I will continue holding them for 2630 target with SL 2900 again. Today I was expecting a slight gap up however global cueues seems to suggest a small gap down. I would advise people and intraday trade at open - buy if it gaps down and starts to recover in first 10 mins .... for easy 25-30 points.. NF should fill the gap once. keep SL 10 points.
Nifty can end up green today in the end and probabaly tomorrow as well to show us 2800 range once again, it will be a good opportunity to add more shorts.
Magic levels for today
NF = 2699, 2728, 2770, 2793, 2859
Cheers
SH
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