Its good to have SGX Nifty. After last night DOW everyone was expecting a 100+ points gapdown on Nifty. But it opened more or less flat. So at that time the big question was WHAT NEXT.
For the initial part till 12 Noon it was clueless. Then it had given an opportunity to go long @ 2646, where it is making a lovely Head and Shoulder pattern (5 MINS). But not very confident being long, I avoided the trade.
On the 20 mins chart two triangles can be spotted. The trendline for the dialy H&S is around 2676. I am looking for an opportunity to short at the higher levels in the region of 2670-2685. But once the breakout failed to sustain above the trendline (20 mins chart), I went short at 2655 at the close of the 20 mins candle with days high SL. By the end of the day cool 70 points on Nifty.
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