Stop Loss should be Spot nifty closing below 4940 (61.8 % retracement) if any one has taken short position in Nov PE 5100 @ 100+.
Nifty has been closing in a DOJI Pattern for 2-3 days which indicates indecisiveness . Market may break out either upwards or downwards very fast.
A matter of worry is Nifty is unable to close above 5060 which is 80 % retracement level indicating 5000 level in most probability will be breached if market unable to sustain above 5060 level.
Do not short any call or put at the moment.
Wednesday, November 18, 2009
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