Morning update Wed, 22ed Oct:

Morning update Wed, 22ed Oct:

Yesterday, it was mentioned (High risk traders may initiate short /put as the major downtrend may resume hereafter). For positional traders, it was a good move to initiate shorts at 3250 levels as the nifty failed to cross 3260 and trade above it. The oncoming few days (till Mon 27th) indicates strong chances for a new low in spite of some possible bounces.
Today, following to global clues the nifty may open weak initially (around or below 3.2K mark). Failing to sustain above 3190 can drift it further to 3150 or even 3120/ 3100 levels which would invite a small bounce on Thursday which could not sustain any more clearing the way for a possible new low on Mon.
On higher side, the trade above 3245NF could enable it to clear 3260 resistance and even taste 3.3K levels but chances for such up move are very difficult for today’s trade.
The positional traders may hold shorts till oncoming Mon boldly. The views for next few days (till Divali) are mentioned in the post: V VIJAYDASHMI TO DIWALI .
 
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