FlashBack
Again quite a volatile day with nifty hitting buy level at open itself and proceeding smoothly to first target. After a religious testing of 200 dma nifty, gave up all gains and finally closed at 3370.
ACC came to short level and crashed to 604 with promise of lots more.
For tuesday trading
Bear Level
Short nifty future at retracement level of 3400 with 3420 as stoploss for targets 3337, 3265, 3235.
Bull Level
Buy nifty future at 3200 with 3172 as stoploss for targets 3275, 3330, 3365.
Note for positional traders in nifty
Nifty made a beautiful head and shoulders pattern in 30 minute chart and broke the neckline. The target as per this pattern is (3514 - 3350) = 3186. Refer to the chart below
Have a great trading day.
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