Morning update Thu, 23rd Oct:

Morning update Thu, 23rd Oct:
The readers must be remembering the ‘call’ mentioned on Tue to short nifty around 3250 levels and hold till Mon. It’s always a ‘pleasure’ to see the targets achieving accurately but this time it’s a lot of pain as well to see nifty trading below 3K mark. (Just think of investors who have invested their hard earned money)
Anyway, the market continues to make a new low and even trying to breach it again as expected. Following to all global negativities nifty may open below 3K mark even close to 2.9K today.
The traders holding shorts should put ‘TSL’ as there are some chances for ‘short-covering’ induced bounce. Any such bounce before 02:00pm must be used boldly to re-enter short mode.
The intra-day traders must be very cautious not to enter any ‘long’ positions and to short and then cover could be the safe way only.
The breach of 2930/2900 would re-taste the 2006’s low of 2878 and nifty would be on the way to set a newest low till Monday closing.