A perfect stage for 100 points gap up tomorrow.
Europe markets are up. Dow is up by 250 points, Singapore NIFTY is up by 100 points already. Good follow up action after bullish engulfing pattern, FIIs invested about Rs. 1600 cr today in stock market after rest of three days.
NIFTY could cross 6120 tomorrow unless this script is spoiled by INFOSYS results and IIP data.
Book profit in all long positions, reasons are as follows;
Europe markets are up. Dow is up by 250 points, Singapore NIFTY is up by 100 points already. Good follow up action after bullish engulfing pattern, FIIs invested about Rs. 1600 cr today in stock market after rest of three days.
NIFTY could cross 6120 tomorrow unless this script is spoiled by INFOSYS results and IIP data.
Book profit in all long positions, reasons are as follows;
- Market is known to reverse trend when everyone is bullish.
- Macros are still negative, high inflation, poor industry growth/closure, recession in real estate, unemployment in high income segment, petrol, diesel prices are going up, no new investments are coming to India, low GDP growth, tapering from US will come some it is only deferred. However, markets in India are neglecting all negative scenarios, IMF rating and this means there is some undercurrent.
- 6095/6100/6132 is strong resistance level.
- volume was low today.
- RSI (9 D) is near 70, with gap up opening it will be overbought region.
- Fall could be equally sharp up to 5830/5650.
Keep averaging NIFTY Calls.
Sell 6500 NIFTY CALLs of November expiry between 70-85
Disclaimer: This blog does not take any responsibility of your profit/loss
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