Hi All,
Nifty is witnessing a Blood Bath right now and is down by more than 160 points (i.e. 2%). However the over all trend for short term will still remain positive until 8180 level is not broken, and till such time I personally feel that every dip is a buying opportunity...
Earlier this week, markets surpassed a crucial levels of 8510, though with not so surprising volumes, but if able to hold on to 8200-8150 mark, Nifty can see a bounce and then higher levels of 8650-8800 in short to mid term. however a low volume breakout of crucial resistance of 8510 still remains a crucial hurdle going forward, which means the next up move should be with heavier volumes than the recent volumes....
Traders are advised to trade cautiously with STRICT stop losses for intraday or delivery trades as markets may witness higher volatility going forward, the IV is already up today by 11% @ 18.12%
Cheers
Hrishi
Nifty is witnessing a Blood Bath right now and is down by more than 160 points (i.e. 2%). However the over all trend for short term will still remain positive until 8180 level is not broken, and till such time I personally feel that every dip is a buying opportunity...
Earlier this week, markets surpassed a crucial levels of 8510, though with not so surprising volumes, but if able to hold on to 8200-8150 mark, Nifty can see a bounce and then higher levels of 8650-8800 in short to mid term. however a low volume breakout of crucial resistance of 8510 still remains a crucial hurdle going forward, which means the next up move should be with heavier volumes than the recent volumes....
Traders are advised to trade cautiously with STRICT stop losses for intraday or delivery trades as markets may witness higher volatility going forward, the IV is already up today by 11% @ 18.12%
Cheers
Hrishi
