Dear Mahesh,
I need your help. I had shorted 2 lots of Nov Nifty at 2510 and was unable to cover it in a relatively loss due to some reasons. Can you please advise if I should hang onto it or book loss? Please advise asap. I am not a trader but I always look to make 10k a month from Nifty. Please advise asap.
Regards,
Bhartesh
Dear Friend:
At 2650 your loss is quite a bit.
It would not be a great risk to wait as the so-called Citibank sucker rally is over.
Over tomrrow and Thurs there could be a further downslide of 80-100 and hence you could exit at 2550 or my be less.
If you are not a min. to min. trader , only short at R2 or higher. You may miss an opportunity to get a trade but when you get one you would be comfortably cushioned.
Dont go long in the near future.
Good luck.
j.