1. On daily charts, NIFTY is making higher lows. The Higher high is not clearly established.
2. Other thing that is happening is there are overlapping moves, that is characteristic of sideways market.
3. VIX is down below 40%. That means overall the intra-day ranges will get narrower.
This type of moves are frustrating for trend followers. The market can remain in this phase for some time
Things I'll follow
1. Do not expect similar wild moves (300+ points) going forward.
2. Trade with the trend , but book profits as soon as available. It may look the money is not made to the full potential, but it is safer to be that way.
3. Do not expect long side targets like 9600- 9900 to come very fast, rather NIFTY can grind a lot around certain levels. Example , recently nifty made many moves around 9000 level.
Since VIX is down, I can think of holding the trades for 2-3 days if required.
2. Other thing that is happening is there are overlapping moves, that is characteristic of sideways market.
3. VIX is down below 40%. That means overall the intra-day ranges will get narrower.
This type of moves are frustrating for trend followers. The market can remain in this phase for some time
Things I'll follow
1. Do not expect similar wild moves (300+ points) going forward.
2. Trade with the trend , but book profits as soon as available. It may look the money is not made to the full potential, but it is safer to be that way.
3. Do not expect long side targets like 9600- 9900 to come very fast, rather NIFTY can grind a lot around certain levels. Example , recently nifty made many moves around 9000 level.
Since VIX is down, I can think of holding the trades for 2-3 days if required.