It was a news driven day. Nifty tanked almost 180+ points and then recovered 120+ points in a V shaped recovery to kill the shorters who traded on News. We prefer to avoid trading on such days. However, there was a nice sell call setup in the morning (before the news), which could have been taken by the traders. Nifty had broken our reference level of 5955-5960 in the morning itself and then was unable to sustain above it.
For today, once again watch the levels of 5955-5960 on the upside. Sustaining above this, Nifty can again target 6000-6020 kind of levels. However, real Bullishness will come only if it crosses and sustains above 6020-6030 spot. On the downside, support would come at 5900-5890 levels break of which can lead for another round of at least 30-40 point fall.
They say that "Bottoms are Made in Panic" in the market. Yesterday was one such panic day. Will 5825 turn out to be the bottom of this correction?? Only time will tell. Be ready!
As expiry is near, trade light with your positions.
24 Nov: Nifty spot resistance at 5960-5975-6005-6020. Support at 5930-5905-5890-5855-5825 - www.niftypower.com
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