NIFTY is very reluctant to go down. It recovered very fast today touching previous support around 5825-5830..
India is very good in many aspects, one of the aspect is porosity. There was no reason today for NIFTY to cover 80 points. It did happen perhaps because market movers knew about RBI move about MSF rate cut later today. Many stalwarts were surprised by up-move. To take market up, it has to have only India specific event as Rupee was stable, Europe markets were down, gold and crude oil appreciated, there was no apparent good news but NIFTY was unstoppable during last hour of the trade.
Finally it gave another perfect bullish hammer candlestick pattern today. Hence NIFTY could give 80-100 points gap-up opening. If it convincingly stays above 5950 for some time, one can see levels of 6060 before weekend or maybe even tomorrow.
I don't know impact of MSF cut much but all I can say it could drive positive sentiments among investors. It could last for one/two days!!
Present portfolio:
It is making loss about 8000/-, but worth holding. Still about 17 trading days in this month and anything is possible in this volatile market.
These are sentiments based momentum and if this is still short covering rally, it will be curbed before weekend. Otherwise we will exit portfolio early next week.
Average 6500 NIFTY CALL sell of November expiration date if you could get at higher levels, about 80-100 with big gap up opening.
Disclaimer: This blog does not take any responsibility of your profit/loss
India is very good in many aspects, one of the aspect is porosity. There was no reason today for NIFTY to cover 80 points. It did happen perhaps because market movers knew about RBI move about MSF rate cut later today. Many stalwarts were surprised by up-move. To take market up, it has to have only India specific event as Rupee was stable, Europe markets were down, gold and crude oil appreciated, there was no apparent good news but NIFTY was unstoppable during last hour of the trade.
Finally it gave another perfect bullish hammer candlestick pattern today. Hence NIFTY could give 80-100 points gap-up opening. If it convincingly stays above 5950 for some time, one can see levels of 6060 before weekend or maybe even tomorrow.
I don't know impact of MSF cut much but all I can say it could drive positive sentiments among investors. It could last for one/two days!!
Present portfolio:
It is making loss about 8000/-, but worth holding. Still about 17 trading days in this month and anything is possible in this volatile market.
These are sentiments based momentum and if this is still short covering rally, it will be curbed before weekend. Otherwise we will exit portfolio early next week.
Average 6500 NIFTY CALL sell of November expiration date if you could get at higher levels, about 80-100 with big gap up opening.
Disclaimer: This blog does not take any responsibility of your profit/loss
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