Nifty reason being cautious right now is this formation of nifty you can see in the chart the entire up move from 18465 spot is in 3 waves zig zag and such pattern forms in last leg of any micro or minor or intermediate or major wave this pattern called Ending Diagonal.
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So, once nifty moves above 18930 after that this pattern has a 75% chance that it gets fail but till we are below 18930 this pattern has a high chance of being active and if this pattern is active then at any point of time we may see a fast and speedy pull back in nifty so is the main reason we are highly cautious here and initiated shorts with put spread.
