The Nifty opened and breached our stop loss at 5435 in the first fifteen minutes of trading, thus locking in a good profit for us. The RBI did not make any changes to the CRR nor did it cut rates hence today being a potential event day became a non event day. There were so many built in longs in the system especially on the Bank Nifty yesterday expecting an event day, which is why the Bank Nifty(Nifty Trading Tips) corrected sharply today.

Most analysts would say to stay out of the market on big event days like tomorrow, could be a wise move. However after seeing the way the market has been gaping up this last week and the down move today, also considering the market has moved up sharply since the 3rd of January 2012, there is potential down side or a correction as we technical analysts might call it.

Hence I have gone short on the market with a stop loss at 5465, to be clear I have gone short with 25% of the quantity I usually trade. This is a high risk trade!

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