Nifty Monthly Open Breakout today...

Today again Nifty index has proved the strength of the uptrend. The trend which begin on the day of union budget 2016. That was the day it hit the bottom of 12 month long downtrend. Some trend pundit says it was just a retracement of the famous bull run of 2013-15. Whatever, the our beloved index is again showing the same blossom.

As I said in earlier blogs, the index has broken monthly high of previous month in March 2016 itself and not only that, it also break the trend line of downtred. The uptrend was so predictive since it created multiple patterns on the budget day. The index is following the predictions in so obidient manner like a good student or follower.

The point today is about trading in Nifty futures and option and what should be the trend for short term trading. What i Believe is that nifty will never look back for medium to short term and it will continue the bull run atleast for next 300 - 500 points. Offcourse healty retracment will be there. But over all uptrend is confirmed. If the monsoon will remain too bad then only it will affect this nortward journey. The IIP poor performance has also not given any significant effect on the charts on Nifty. The index is moving ahead against all odds.

Further in support argument, I would like to quote that Nifty has crossed open of the current month on charts, the simple decision about trading in Nifty futures is that traders can take long position keeping in mind the open of the month as Stop Loss for current month. The trade can give upto 100- 300 points till the expiry. Enjoy the profits.

Happy Trading...

Trend is Friend...

Tushar Dave...