Here is an update to the post done yesterday. Kindly direct your attention to the updated 15-minute chart of the Nifty featured below. The trade plan detailed yesterday played out to perfection. We suggested that the upper green line would be an area to consider short positions. The price did hit the upper line today and has since been in a downtrend.
Those holding short positions may trail their stop loss to 5,640. We do not sense any fresh trading opportunities at the prevailing levels. The target mentioned yesterday was 5,560 and the Nifty now is within striking distance of that target. We would expect the price to test the middle green line at 5,640 or lower. As always, use a trailing stop loss to protect unrealised gains.