Morning update Mon, 8th Dec:
In the weekly views of last week it was mentioned to exit all shorts for the possibility of a bounce on Friday or Monday. It was also mentioned that (However this bounce would be short lived and the oncoming week post Mon indicates downtrend resuming again)
Today, expect a +ve open above or around 2.8k levels followed by a volatile session ahead.
The traders should prefer intra-day trades initially and use the probable intra-day high (within 1st hour of trade) to initiate positional shorts/ put near to index value.
Tomorrow, it’s a trading holiday for Indian markets but all Asians are expected to trade weak tomorrow followed by Europeans and Dow.
In order to balancing with other counterparts, Indian markets may start drifting from Wednesday and the positional shorts initiated today could be in good profits.
Morning update Tue, 2ed Dec:
Morning update Tue, 2ed Dec:
With all Asians counterparts trading weak, expect a gap down open for nifty.
The open around or below 2.6K mark would drift it further towards major support area 2540-2550. The breach of this support would initiate the fall to re-test the earlier lows or even making new low in this month itself.
The traders may hold shorts/ initiate new on any bounce as mentioned in weekly view.
With all Asians counterparts trading weak, expect a gap down open for nifty.
The open around or below 2.6K mark would drift it further towards major support area 2540-2550. The breach of this support would initiate the fall to re-test the earlier lows or even making new low in this month itself.
The traders may hold shorts/ initiate new on any bounce as mentioned in weekly view.
WEEKLY VIEWS:
WEEKLY VIEWS:
The week started with +ve bias initially to lift nifty above 2.8K mark in the initial trade of Mon but failed to sustain above 2800. The oncoming Tue & Wed indicates further weakening and the positional traders holding short positions may hold shorts(with TSL) to cover on Wed at EOD.
On Thursday, one should prefer intra-day trade only and exit all shorts before EOD as the Fri indicates strong chances for a bounce. However this bounce would be short lived and the oncoming week post Mon indicates downtrend resuming again.
The week started with +ve bias initially to lift nifty above 2.8K mark in the initial trade of Mon but failed to sustain above 2800. The oncoming Tue & Wed indicates further weakening and the positional traders holding short positions may hold shorts(with TSL) to cover on Wed at EOD.
On Thursday, one should prefer intra-day trade only and exit all shorts before EOD as the Fri indicates strong chances for a bounce. However this bounce would be short lived and the oncoming week post Mon indicates downtrend resuming again.
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