On 6'th Aug in this post SHORT TERM VIEW we have mentioned that there is breakout from inverse head and shoulder and NIFTY will target 5425-5450. On 23/8 it made high of 5248.45 and started correcting from that level.. This is how we can use technical analysis for short term trading.
This post is especially for people who are investing for long term and don't understand about fundamental or technical analysis. Right now NIFTY is trading near 5250. And there are high chances that it will take support in the region of 5175-5250 and bounce back. So long term investors can use current fall as opportunity to buy for handsome gain. The stop loss for this will be weekly close below 5030. So the risk reward ratio is very much favorable, if there is loss it will be only 3-5%.
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