NIFTY is forming a kind of bearish pattern for the shoirt term...
From it prervius short term low of 4700 levels it has jumped almost 700 points and completed a 5 wave pattern..it has to retrace and i have a downside target of atleast 5330 - 5360 levels....
Trading strategies
1.Sell NIFTY futures if reaches to 5460 - 5470 levels witha stop loss of 5486
2.If you dont have any positions wait for a buying signal at 5350 levels....
3.Buy 5300 put options (Sep) and 5600(Oct) call options.
Stock Calls
1. Reliance - Buy ( 975 - 980 )levels
Target 1024 - 1030 Stop loss - 960
2. Hero honda - Buy 1850 - 1870 levels
If you are already holding this position wait for a target of 1940
stop loss 1832
3. Enter JSW steel at 1100 levels
Target 1180....
Stop loss 1070
4. Have a sell call on SBI
Book profits!!!!
