Nifty Target Achieved

As mentioned in my previous post 4% target has been achieved in Nifty March Futures. I have booked out my profits. Waiting for a consolidation and a buy signal following that in 2-3 days.

I am so glad this worked out fine.

Finally a sell signal....

I am so glad that the market has finally signaled some profit booking. I and most of the traders have been waiting for this signal to come on the charts. I expected that the profit booking will come with some bad news however it has not been supported by any news and that makes me nervous. Well will trade with a strict stop loss of today's high at 5632 and a target in mind for 3-4% from here. The bank nifty gave a signal yesterday and some of the nifty 50 stocks too. I just hope that this is not another false signal.

Some things that give me hope are:
The price pattern broke the trend line from the start of this rally.
The nifty has been in an overbought zone for very long time.
The Stocks and indices have started loosing steam.
And the premium for the next series in 50+ pts depicting that nobody expects the market to fall.

I hope I am right.