Wednesday, 13 September 2017

GO SHORT IN NIFTY AT 10140 WITH A STOP-LOSS AT 10190


Sensex opened strong and stayed in the positive zone for the major part of the session to hit a high of 32,348.30, but succumbed to late sell—off by investors dragged in down to a low of 32,126, before ending 27.75 points, or 0.09 per cent higher at 32,186.The Nifty opened at 10105 , made an intraday high of 10144 and make a low of 10078 and closed at 10096. Sentiment took a dramatic change particularly in the last one hour of trading with the lower opening of the European markets and investors started booking profits in broader markets at record levels. The outlook for nifty is buy on support or sell on resistance . Resistances are at 10125 and 10145. A fall to 10050 looks likely now. Inability to reverse higher from 10145 can drag nifty futures lower to 10100-10000.
                                Short-term traders can make use of bounces to go short at 10125-10145. Stop-loss can be placed at 10190 for the target of 10000. The downside pressure will ease only if the nifty futures manages to rise past 10145 decisively. But such a strong bounce looks less probable at the moment. 

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