NIFTY STRATEGY

NIFTY: Forming higher highs in long term chart and travelling in uncharted teritory.
Whether to book profits or ride thru the bullish ride?
1.NIFTY has formed a Hammer pattern in daily chart-sign of some fatigue
2.Major supports: 20864 followed by 20715
STRATEGY: If already carrying long position trail SL keeping todays low of around 20864 as SL for a positional target of 22000.(need to keep SL by keeping previous days low as trailing SL and carry)
For fresh entry either need to buy on dip towards 20800/20700
3.Option writing with PCR of around 1.50 suggests support at 20800-900 ZONE AND THE IMMEDIATE RESISTANCE AT 20950-21000.Call unwinding at 20800/20900 levels suggests NIFTY is likely to hold the levels. Trade with confidence and be cautious at times,dont forget to keep SL or trail SL(For Educational purpose only)