Stellar performance on all 3 majors, Nifty, Banknifty and CNXIT; VIX dropped a good 2 points and OI in Nifty futures was higher at about 25.3 - 25.5 million today and the OI increased with the rise; still not enough to sustain the upside as an upside of 100 points should have brought in at least 3 to 3.5 million in OI and shorts yet again were trapped royally; markets are still not out of the woods but bulls did manage to stage the close above critical levels of 5032-5092 and this is a remarkable achievement
As mentioned earlier, now we need some more volumes for Nifty to sustain this rally or else we can see profit booking soon. The close above 5092 has opened Nifty for a retest of 5125-5150-5177 levels. If Nifty manages to stage a close above 5150, then we may get another 144 points on the upside from there.
Banknifty is at 9500 [adjusted close at 9482] levels and may try to go towards the 9750 levels where one should look to exit longs and start opening shorts in a staggered format [with appropriate hedges]. Now weakness will only be confirmed with a close below 4994-4944 levels and whilst it is good to see some cheer on the bourses - the threat of retesting 4720 levels is very much on the cards with the critical time zone being 16th Nov to 22nd Nov
Like I mentioned earlier as well, there is a Rate of Change for Nifty is 10 points per day on either side and if one takes the intra-day fluctuations apart, the markets have moved no where between 26th Aug till date. We have been stuck in a 4720-5032 range for umpteen sessions and it is the lure of quick money on the bourses via Puts and Calls that have ruined many a trader. Today finally the 5032 level has been broken and some more steam is probably left. After the gap down from 5328-5348 levels, the maximum upside we got is 5169 and twice we have kissed the 4720-4728 levels - so one should judge for oneself where has this market moved so far?
IMHO upside is still capped at 5225 levels and a close above this may finally give some cheer to fill up the gap towards 5328-5348 [and a close above 5150 would be a good barometer] Also if one looks at the rise compared to the fall, the falls have been far steeper than the rise. Stay hedged, adhere to Stop Losses and enjoy the ride till it lasts - the next wave of 'bull market' is a long way away. Success mantra still remains Buy Fear Sell Greed [Buy Low - Sell High]
As mentioned earlier, now we need some more volumes for Nifty to sustain this rally or else we can see profit booking soon. The close above 5092 has opened Nifty for a retest of 5125-5150-5177 levels. If Nifty manages to stage a close above 5150, then we may get another 144 points on the upside from there.
Banknifty is at 9500 [adjusted close at 9482] levels and may try to go towards the 9750 levels where one should look to exit longs and start opening shorts in a staggered format [with appropriate hedges]. Now weakness will only be confirmed with a close below 4994-4944 levels and whilst it is good to see some cheer on the bourses - the threat of retesting 4720 levels is very much on the cards with the critical time zone being 16th Nov to 22nd Nov
Like I mentioned earlier as well, there is a Rate of Change for Nifty is 10 points per day on either side and if one takes the intra-day fluctuations apart, the markets have moved no where between 26th Aug till date. We have been stuck in a 4720-5032 range for umpteen sessions and it is the lure of quick money on the bourses via Puts and Calls that have ruined many a trader. Today finally the 5032 level has been broken and some more steam is probably left. After the gap down from 5328-5348 levels, the maximum upside we got is 5169 and twice we have kissed the 4720-4728 levels - so one should judge for oneself where has this market moved so far?
IMHO upside is still capped at 5225 levels and a close above this may finally give some cheer to fill up the gap towards 5328-5348 [and a close above 5150 would be a good barometer] Also if one looks at the rise compared to the fall, the falls have been far steeper than the rise. Stay hedged, adhere to Stop Losses and enjoy the ride till it lasts - the next wave of 'bull market' is a long way away. Success mantra still remains Buy Fear Sell Greed [Buy Low - Sell High]
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