Simply not convinced by the up move that happened today.
The reason being all went exactly the opposite. The morning opening would have opened the gates for a spectacular move rather the morning gave a deep cut. Later on the rally was working fine till 5030 but the volumes started dithering between 5030 and 5090 --- A very labored move ---- Usually when inside day breaks out on the upper side or when a long traded range gets a break out the moves are very fierce --- but today the bulls lacked the necessary punch. This was all i wanted say.
But Market is Supreme the prize action has given a break out above 5077. So at present still a very bullish picture is emerging.
For tomorrow 5130 5140 is the ultimate peak where u can brutally short nifty. Also RBI action will dictate the market. Still if we forget the RBI then also 5130 5140 is the area where you can get brutal in shorts and cover at 5017 4980 4918. Remember still the volatility range for tomorrow is 4918 - 5139 and i expect the same moves too..
My personal bias today again shifted to bearish because of he labored move on the upside which lacked the necessary adrenaline. I am neck full shorts but please u be with the price action which is bullish.
Supports at 5063 5023 and resistance at 5089 5140.
Remember Luck only favors the prepared
The reason being all went exactly the opposite. The morning opening would have opened the gates for a spectacular move rather the morning gave a deep cut. Later on the rally was working fine till 5030 but the volumes started dithering between 5030 and 5090 --- A very labored move ---- Usually when inside day breaks out on the upper side or when a long traded range gets a break out the moves are very fierce --- but today the bulls lacked the necessary punch. This was all i wanted say.
But Market is Supreme the prize action has given a break out above 5077. So at present still a very bullish picture is emerging.
For tomorrow 5130 5140 is the ultimate peak where u can brutally short nifty. Also RBI action will dictate the market. Still if we forget the RBI then also 5130 5140 is the area where you can get brutal in shorts and cover at 5017 4980 4918. Remember still the volatility range for tomorrow is 4918 - 5139 and i expect the same moves too..
My personal bias today again shifted to bearish because of he labored move on the upside which lacked the necessary adrenaline. I am neck full shorts but please u be with the price action which is bullish.
Supports at 5063 5023 and resistance at 5089 5140.
Remember Luck only favors the prepared
Sir,
ReplyDeleteBefore down move It will hit all the SLs of Bears.
@Hemant
ReplyDeleteThis time too Longs will get Trapped ... Personal bias only ... Rest price is supreme and it is bullish as of now all longs with SL of 5023 are good