Nifty again had a gap up day. I am sure buy now you guys know that I don't like gap up days. It makes it hard to predict next days movement. Its against the resistance area and it will need strong demand to break this level.
So far we have seen buyers on every pullbacks so I wouldn't be surprised if we see a strong demand here. Most people who tried to short this Nifty has lost money in last month and I don't suggest anybody to short at this level without any confirmation. Our goal here is not to make the maximum money but taking high probability trade. I have seen people loosing more money trying to make maximum profit than people who play probability game.
Breadth is still strong in this market and until I see strong negative breadth in this market, I will be bullish in this market. Big caps have been showing selling since last couple of days which concerns me a bit.
If Market breadth goes to negative, I am looking forward to short bank stocks as they look weak to me.
At this level, I like to see consolidation or pullback.... but again there is been persistence bid in this market....
Keep your stop tight and look for good setups.
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