When NIFTY is Trading in a Small Range, please leave NIFTY and look for opportunity in Stocks. MAX Pain is at 6100 and NIFTY will definitely correct at least till 6100. In the 60 minute chart the SELL is strengthening at 6228 SPOT. So this morning when NIFTY was trading around 6226, should have taken a Short position.
But please watch the INDIVIX. VIX has gone UP by around 15% in the last two days which must be helping those who have taken the Debit Spreads. One simple rule which I have been mentioning is when the Trend is down Buy Spreads and When the Trend is UP, Sell Spreads. But those who are carrying Long Debit Spreads positions be watchful about the VIX, If the VIX drops then the Price might drop suddenly. The VIX remains UP, because the Operators are still not Selling because they are not sure about the Range of this market. So they Let the Fear grip this market and the VIX goes UP. May be waiting for a Direction from the Global markets because for example US markets are trading at the life time high. So the BIG brother presses the SELL button, all the little brothers will follow...
So better to take small profits and be on the Safe side. As long NIFTY does not correct to at least 6100, my view would be Keep Selling around 6220-6250
