In broader sense yes correction is due...fundamentally and as per price revies....but when? only market knows.....
But why so hurry? If played with proper sl then no problem...I still feel that there is some upside left...of course with '2 days correction' phenomenon.
For Monday i suggest...
BIAS--- positive
RANGE---5016...5095
ENTRY LEVEL...near those levels only or break out/break down
strategy----
1) If nifty opens near 5040.. go long with sl 5016..tgt 5090
2) If nifty opens near 4990/4995 go long with sl 4965
3) If nifty opens near 5085.. go short with sl 5096..tgt 5040/5016
4) If nifty opens flat near 5065/5060...sideways movement possible for first an hour.
5) If nifty closes below 5016 carry shorts...
6) If nifty closes 5095++ carry longs
Trin.....
TRIN is at important level ...see if either side breaks....but presently bullish suggession...even breaks upward, channel line support for nifty is not far away..so downside protected ...this is my opinion until 5016 holds......
(NOTE--- TRIN is not that much reliable tool for clear cut signal.)
FOR POSITIONALS.....
1)If long then sl is 5016 closing basis
2)If short then sl is 5095 on closing basis
3)Expect range of 4965/5016 to 5140/5180 for 2/3 session with keeping in mind above levels
(All levels are spot...for sl as well as entry wait for trading that level for 5/10 minutes and decide wisely)
(disclosure....I am long in individual scrip..)
