This market has turned into a trap for traders. Market back up again after breaking hourly swing lows. Basically, spent the last 6-7 sessions trading in a range of 200 points between 10450-10650. Last week's entire range between some 130 points. Dhobi ka kutta na ghar ka na ghat ka.
This is text book stuff. Big ferocious down move followed by a decent retracement. Then price wanting to go back down but held back up by faint strength by painting small ranges. In my mind, this upmove is stalling. No vigor to push through higher. It appears nifty may have another go and fizzle out. Any weakness / price rejection close to recent tops is a good opportunity to enter a short trade as stops can be small but reward can be 3x the risk if nifty fails at the top and slides back down to 10250 levels.
If I was trading this market, I would be patient and look only for short entries. The global markets are looking extremely dicey. Nifty cannot hide behind lower oil prices any longer. Lower global oil prices mean an extremely weak global economy. Usd/ inr also not willing to give any comfort to the economy. It's also belly dancing between 72 and 73. Today / tomo global trends will catch up with out markets. Have to be extremely careful trading longs in this market....especially with overnight positions.
Im still travelling. Not carrying my computer to post regularly or trade. Have to borrow my bro's tab. Hope all of you guys are doing well and trading well. I wish all the good luck to my fellow traders here.