Hi All,
Markets are down by more than 100 basis points today, and as mentioned in the yesterday's blog, yet again, Buy the Rumour, sell the Fact analogy, proven right.
After kissing the Life time high of 11856-57, Nifty plummeted sharply and currently trades near 10700, down by almost 180 points from today's high near 10880.
The IV, measure for volatility, though had cooled off yesterday by more than 15%, is up again by 8% today. Needless to say, a huge volatility would be expected, till the final verdict.
Remember as per the scenarios explained yesterday, any negative surprises from the expectations of Exit poll, would not augur well for markets, and hence I advised to have a Portfolio Insurance buy buying puts worth less than 5k.
Nifty is having an immediate support near 10650, a Supertrend level on hourly charts and is kind of making a bearish pattern on daily charts, Dark cloud cover, and this is, surely is the worry. However, there will be a strong support for Nifty at the upward gap of yesterday between, 11400-20 to 11580-600, and if markets sustain below these levels, it might be horrifying for bulls.
As we are approaching the final verdict, my advise would be stay out of the markets or trade with strict stops and money management (If anyone was short as per my the advise given yesterday, can book partial profits and trail stops, however due to higher volatility the original stop of 11860-70 was kind of triggered with a small margin :(
Cheers ! ! !
Markets are down by more than 100 basis points today, and as mentioned in the yesterday's blog, yet again, Buy the Rumour, sell the Fact analogy, proven right.
After kissing the Life time high of 11856-57, Nifty plummeted sharply and currently trades near 10700, down by almost 180 points from today's high near 10880.
The IV, measure for volatility, though had cooled off yesterday by more than 15%, is up again by 8% today. Needless to say, a huge volatility would be expected, till the final verdict.
Remember as per the scenarios explained yesterday, any negative surprises from the expectations of Exit poll, would not augur well for markets, and hence I advised to have a Portfolio Insurance buy buying puts worth less than 5k.
Nifty is having an immediate support near 10650, a Supertrend level on hourly charts and is kind of making a bearish pattern on daily charts, Dark cloud cover, and this is, surely is the worry. However, there will be a strong support for Nifty at the upward gap of yesterday between, 11400-20 to 11580-600, and if markets sustain below these levels, it might be horrifying for bulls.
As we are approaching the final verdict, my advise would be stay out of the markets or trade with strict stops and money management (If anyone was short as per my the advise given yesterday, can book partial profits and trail stops, however due to higher volatility the original stop of 11860-70 was kind of triggered with a small margin :(
Cheers ! ! !
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