NIFTY is likely to be in a broad sideways range today as the daily charts do not indicate strength on either side as of yesterday's closing. With the Global markets closing positive for the day, chances are that the Nifty will be on the upward trajectory, consolidating before finding a clear direction.
On the 60 minute charts we are not allowed to trade long today, while for a short trade, there is a clear bullish divergence seen on the daily. We need to wait for more confirmations on the direction before we can trade on any direction of the market. It should be a boring proposition for traders to stay in wait for the right opportunity. But, that is how it is if we want to have a win win situation all along our journey as a trader. If we jump into trades with any urgency, we are bound to loose not only our capital but also our self confidence. Such a situation will jeopardize us to become second guessing in the subsequent which almost always leads us to a loosing opportunity.
On the stock specific side, there are not many stocks to trade long, we have only BANBARODA on the trend reversal long trade today. Check bttcalls.com to get the entries and exits for the trade. Shorts provide a good trade opportunity in the current situation, but one has to trade it only on the futures. Futures trading needs more capital to keep risks at bay, traders with lesser capital better wait for the right opportunity to go long, until then stay on the sidelines.
Team BraViSa.
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