Nifty Prediction 4th Aug ’20

Nifty Prediction we still need reversal confirmation and need a faster retracement with volumes to confirm that pullback that started at 7511 is now finally over

Overall we can see another round of pullback higher if we do not see speed and volume on the downside so keep that in mind we will keep updating our clients on this as well as on Twitter in case you have not yet followed us please do follow us at @DragoGlen for live updates 

Part of what we did today

[9:09 AM, 8/3/2020] Glen Drago: Good morning
[9:09 AM, 8/3/2020] Glen Drago: No open positions
[9:09 AM, 8/3/2020] Glen Drago: Wait for msg to trade
[9:22 AM, 8/3/2020] Glen Drago: We do not have any confirmation till now. It could be likely that we make a lower top or double top on 6th Aug due to credit policy
[9:22 AM, 8/3/2020] Glen Drago: Parameters and calculations don’t suggest that down move has begun
[10:14 AM, 8/3/2020] Glen Drago: Reliance buy in 2 Parts buy 1 Part now at cmp
[10:55 AM, 8/3/2020] Glen Drago: Reliance book 50%profit at cmp and hold remaining qty
[11:01 AM, 8/3/2020] Glen Drago: Important in present circumstances to keep taking small profits
[11:01 AM, 8/3/2020] Glen Drago: Our view overall remains negative we expect a lower or double top on 6th
[11:22 AM, 8/3/2020] Glen Drago: https://www.tradingview.com/x/L8usyGjB/
[11:22 AM, 8/3/2020] Glen Drago: possible moves till lower trendline does not break
[11:23 AM, 8/3/2020] Glen Drago: dont see above 11400 but at the same time this current move is not the down move that I am expecting
[11:23 AM, 8/3/2020] Glen Drago: will update as and when anything needs to be done
[11:59 AM, 8/3/2020] Glen Drago: Hold remaining reliance
[11:59 AM, 8/3/2020] Glen Drago: Will update as and when anything needs to be done
[12:06 PM, 8/3/2020] Glen Drago: Bank Nifty on pullback we will sell wait for that pullback
[12:28 PM, 8/3/2020] Glen Drago: Nifty 6 Aug 10800 Put buy below 10928 Aug Fut level
[12:29 PM, 8/3/2020] Glen Drago: Exit reliance remaining longs if 10928 breaches on nifty Fut
[12:29 PM, 8/3/2020] Glen Drago: Trade will get active only below 10928 Fut
[12:32 PM, 8/3/2020] Glen Drago: Reliance exit remaining longs
[12:32 PM, 8/3/2020] Glen Drago: Nifty 6 Aug 10800 Put buy active
[12:32 PM, 8/3/2020] Glen Drago: Trade light as we will see another round of pullback from lower side
[12:38 PM, 8/3/2020] Glen Drago: Nifty 6 Aug 10800 Put book 50 percent at 10894 Aug Fut level
[12:48 PM, 8/3/2020] Glen Drago: Close Nifty trade at cmp/ cost not moving as expected
[12:48 PM, 8/3/2020] Glen Drago: No open positions in Nifty
[12:49 PM, 8/3/2020] Glen Drago: Will update as and when we get good clear trade
[2:04 PM, 8/3/2020] Glen Drago: BTST Divis labs
[2:39 PM, 8/3/2020] Glen Drago: Divis labs book 50% at cmp
[2:46 PM, 8/3/2020] Glen Drago: as said in the morning will have to keep making small profits for now
[2:46 PM, 8/3/2020] Glen Drago: positional shorts we will do on 6th on pullback
[2:50 PM, 8/3/2020] Glen Drago: Hold remaining divis will update as and when anything needs to be done

As usual, if you are only trading on the basis of this post please use your own risk management and then only trade please do not over trade and always keep your risk in check while trading 

Warm regards,

Glen Drago