Selling Nifty Still Makes A Lot of Sense

Right after our previous post How To Make A Killing With Nifty Futures This August was posted, the markets fringed upwards and must have left our readers confused about what I had written. Honestly speaking, I was scared too. I kept looking at the charts trying to figure out where I went wrong. But each time I looked at it, it said the same thing - SELL.

The levels that we spoke of in our earlier post have not changed and 9762 remains to be a major support for the Nifty 50 index. With the pressure of the Wolfe wave trend lines hovering on top, the index should find it difficult to keep its head high.

Having said that, sell side targets would be at around 9475 which is a bit difficult to achieve this month, given the not so many trading days left. However, futures traders could roll over to the next month and pocket some handsome profits as the index slides down.

Please let us know what your views are on the Nifty by commenting below. We look forward to an engaging discussion.

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