The first and most important rule of trading is - in bull markets, one is supposed to be long. This may sound obvious, but how many of us have sold the first rally in every bull market, saying that the market has moved too far, too fast. Thus, we've not enjoyed the profits that should have accrued to us for our initial bullish outlook, but have actually lost money while being short. In a bull market, one can only be long or on the sidelines. Remember, not having a position is a position.
When putting on a trade, enter it as if it has the potential to be the biggest trade of the year. Don't enter a trade until it has been well thought out, a campaign has been devised for adding to the trade, and contingency plans set for exiting the trade.
Be patient. If a trade is missed, wait for a correction to occur before putting the trade on. Be patient. Once a trade is put on, allow it time to develop and give it time to create the profits you expected.
The above mentioned golden rules are for each and every budding trader in the market who believes that they can survive by trading the market. Now some quick checks on what have I written in my last post Nifty And Bank Nifty Future - What To Expect On 24th November? about today.
Written to buy Nifty future only above 5130, the level has not come. Written below 5072 we will see 5050/5045 in intraday panic. Just see it to believe it Nifty future made exactly a low of 5050. About Bank NF written that below 9224 we will see 9169-9100 intraday. Its no miracle, that Bank NF crashed to intraday low of 9146. I hope, you now feel trading is not so tough business. 100% if you follow my levels, I feel you will believe in your trading capabilities, if not already doing so.
Now what to expect tomorrow? In Nifty future strong support exists at 5052/5044. Break below 5044 with volumes will take it to 5022/5008 in no time. Big hurdle exists at 5080-5085 which is proving real tough for the bulls. Above 5082 it will touch 5104. And once crosses 5104 decisively we can see continuous buying till 5132/5168.
In Bank NF above 9228 next hurdle is 9295/9350. Below 9175, support exists at 9146/9099/9065. But if either 9350 or 9065 gets broken, then?? 100% you need to subscribe to Nifty pack to get live market hour updates.
Nifty future important levels for Wednesday, 25th November:
R3 5164, R2 5136, R1 5105, Pivot Point 5077, S1 5046, S2 5018, S3 4987.
Bank Nifty future important levels for Wednesday, 25th November:
R3 9444, R2 9371, R1 9291, Pivot Point 9218, S1 9138, S2 9065, S3 8985.
