Index : CNX Nifty
Open : 4166
High : 4215.5
Low : 4014.45
Close : 4049
Avoid trading near Fibo level - 4214 and day high is 4215.5
If you are a clever trader, what you should do is, you do not enter either long or short at 38.2% retracement,(Though all parameters allows you to do ) but instead wait for the perfect reversal happening at 38.2% retracemnt.
And the sell signal comes after the announcement of BAD IIP no's.
Also if u notice the 200Min MA i.e 4135 act as a intraday support level.
Which was tested first and then breaks with a hard black candle. If 200 min MA
breaks then huge carnage... ie Nifty moved from 4135 to 4015.
You gained = 4135-4015 = 120pts
Total Intraday profit = 120x50= Rs 6000/Lot
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