A bend on the road is not the end unless we fail to turn around.
Need less to say that Friday was a panic day owing to china rate hike and Indian politics . NF went below the major known support of 5930 level and panic was observed among the retail investors which led to some more panic in the market, The bottom is near I suppose around 5700 odd levels. Look at the chart 1 and watch the money flow index it has stabilized and poised to move up.This indicated that smart money is already buying the panic sentiments.If long then please average your position and roll over to December as 6600 NF is the target measured after such a healthy correction.You might be thinking that why i am so bullish but till date the net FII and DII figures are not in selling and the volume before Diwali has not matched any volume even in this fall.
For Monday the resistance comes around 5940 above which a retest of 6141 NF the reference level. 6141 NF would act now as major resistance level where shorting can be done for quick gains. As such below 5930 NF major supports comes only at 5400 - 5500 NF levels but still it is early to say that. Look for buying near the support region of 5840 - 5800 - 5750 for ultimate target of 6140 NF level and 6225 NF
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| Courtesy : www.icharts.in |
My position as of now is holding 6100 Calls and also 6400 calls and bought 6000 calls too for target of 6141 - 6225 NF.Also would look for shorting opportunities near the resistance levels of 5940 -6005-6141 NF to recover part loses
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