Nifty and SPX both standing at the key price level. I am not going to comment or analyze Saturdays market as there was not much trading on that day.
Nifty is getting supply at this level since last 4 days. Volume is increasing since last 4 days which is a good sign. Fridays price range has been highest in last 3 weeks with decent volume (not really high but again same price level as last 4 days....). Major stocks in Nifty seems to be waiting to jump as well. Looking at current situation, market seems to be ready to jump but again until I would wait for closing above 4787, its risky business as we have seen major weakness from this level in past.
4750 looks to be a good area for guys who wants to go long with stop around 4700 (very very risky business....).
SPX is also seems to be digesting supply at a key price level. Price action suggest that it is ready jump but major stocks in the market suggest otherwise. This is a very confusing situation where major stocks are not inline with the key index here. I am almost waiting for the key level of 1292 or 1264 to break and hopefully we will find the direction after that.
Have a great trading guys.....
Nifty is getting supply at this level since last 4 days. Volume is increasing since last 4 days which is a good sign. Fridays price range has been highest in last 3 weeks with decent volume (not really high but again same price level as last 4 days....). Major stocks in Nifty seems to be waiting to jump as well. Looking at current situation, market seems to be ready to jump but again until I would wait for closing above 4787, its risky business as we have seen major weakness from this level in past.
4750 looks to be a good area for guys who wants to go long with stop around 4700 (very very risky business....).
SPX is also seems to be digesting supply at a key price level. Price action suggest that it is ready jump but major stocks in the market suggest otherwise. This is a very confusing situation where major stocks are not inline with the key index here. I am almost waiting for the key level of 1292 or 1264 to break and hopefully we will find the direction after that.
Have a great trading guys.....
No comments:
Post a Comment