Hi All,
In spite of week economics
numbers markets opened positive by almost a percentage points on account of
supporting global cues, however could not sustain and gave away ala its gains
are now trading negative by around 0.5%
Nifty broke recent lows and
slight bounced from 7450 mark, however as mentioned in the earlier posts, any
rise now should ideally be used as shorting opportunity unless we get a concrete
confirmation on charts.
On the lower side the next stop can be near 7420-7400 levels and below
that the next support directly comes near 7100 levels.
On hourly charts, Nifty has created a Rickshaw Man Pattern which shows a
lot of uncertainty and an either side huge movement can be expected.
India Vix chart looks very bullish, however its trading near a resistance
of around 20 – 20.5% mark, a sell off on India Vix chart can sponsor a relief
rally in the markets for a while, till then its better to be on the short side
and use rise in price for selling opportunities, a close below 7500 will be
seen as even worse for markets to go ahead…
Cheers
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