Our markets have a strange way of doing everything in excesses. It tries to do what it has to do in a single day.
We are in a corrective phase and will remain in a corrective/ consolidating phase at least for the time being. A 10-15% downside is expected in any correction. There is no reasons to believe that the uptrend is not intact. However, going long at this stage will not be advisable. It is better to catch the momentum a little late than try to catch a falling knife/ finding a bottom for the markets.
After yesterday's drubbing, expect 1-2 days of small bounces/ consolidation. We may have a choppy session hitting both side stoplosses. Daytraders should just try to play the range of 4320-4420. Positional traders, if not already entered, wait for better opportunities to go short.
Nifty resistance for today: 4355-4385-4410-4445. Supports are: 4310-4260-4200-4170
Free nifty tips
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment