equity market up dated 7 th sep 2018

Crude Oil – Sept   4890  After sharp move and more than 500 points rally, we advised to book profit and play short side.  Short term support broken and intra day any rise to sell side.  Higher level resistance 4923-4950.  Remember weekly support broken yesterday 4923 and sharp fall seen towards 4828.

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Market Trend   :   Recovery from Lower level  -  But it will sustainable  ? Market Out Look : After six days down side Thursday  strong recovery seen lead by Pharma, Financial, Power stocks.  On the other hand, market was volatile and open with green but soon down due to weak global ques. Over all on Thursday market recovered and led by Reliance Ind. Auro Pharma,, Lupin, Cadila and  etc.   Now time to trade with market trend. Nifty Spot  :  Nifty finally some recovery seen from lower level. Now consider support nearly 11500-11520, upper side resistance 11600-11620 whereas a major resistance and crossover some more up side..    Below 11450 down side target 11420 11400.

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Golden Rules for Traders : 1.    Never  added to a losing trade. 2.    Never lose more than 1 % to 2% of your trading capital on any one trade. 3.    Never trade anything you do not understand 100%. 4.    Trade in the direction of the trend in your trading time frame. 5.    Only look for low risk/high reward trades or high probability set up . When you do not have any signals, do not trade. 6.    Trade your plan, your system, your signals, the chart and price, action  and not your opinions, bias or predictions. 7.    Find a trading methodology that fits your personality. 8.    Do not trade before you have a complete trading plan, including rules on entries, exits and risk management. 9.    The size of your wins and losses determines your trading success. 10. Your risk management rules will determine the success of your technical trading system.