Morning update Fri, 24thOct:

Morning update Fri, 24thOct:

It’s time to put ‘SL’ for overnight shorts at the opening bell as well try to exit on any decline before 02:00pm. The +ve close of Dow & Europe yesterday night could not prevent the Asians from a weak open today as expected. Today, the Nifty would open weak (below 2.9k mark) and drift further but one must be careful for ‘short-covering’ induced bounces.
Whatever may be ‘open’ the period up to 02:00pm indicates one-sided trade to make a new low and in intra-day moves, ‘long’ have very limited opportunities (one may watch for such opportunities post 02:30pm).
Yesterday, it was mentioned about (‘short-covering’ influenced bounce up to 02:00pm which should be shorted boldly). The down trend resumed again exactly on 02:00pm yesterday.
Today, for positional traders, it’s better to cover all shorts around 02:00pm to 02:30pm and trade ‘light’ with proper SL on intra-day basis thereafter. The oncoming Monday indicates some volatile movements and there are some chances for a ‘surprising’ bounce as well so it’s better not to carry overnight short positions.