Y'day the futures were in a tight range with indices at levels where the declines get over in Bull phase.
Trading can be volatile here so any new postions in profit should be partially booked as we hit supports/resistances.
The high of y'day at 5704 can be regarded as first resistance and 75% of potions should be booked at 5710 with closure of shorts at 5750.
For Bank Nifty the first profit booking level is 10600 and then shorts closure levels is 10750.
Generally the last leg of any move is the most difficult to capture and profit as it is swift and volatile. And we are seeing high volatility with long wicks on candles for last 2-3 days.
Kjitender, Excellent blog. One of the better Indian blogs I have come across.
ReplyDeleteBTW, which software do you use? Ninjatrader by any chance?
Hey Vineet,
ReplyDeleteThanks a lot for your comments. I hope to take the Quant trading to a new level in India.
I use the Metastock for Indian Indices and Metatrader for Global Indices. But I want to migrate to Amibroker and plan to learn the coding in AFL soon.
Wish you all the very best.
ReplyDelete