Nifty did have a light day today without much action. Market breadth was negative but until I see strong market breadth, we should keep looking for a good shorting opportunity and some strong setup once market turns around.
Looking a at the last two days action, it looks like we don't have heavy supply coming into this market. We had heavy supply at 5600 but after that really we didn't see strong supply (selling). I would not be surprised if market turns around from here.
Overbought-Oversold ratio still in the negative side, little higher then yesterday but not significant change.
I also look at the fibonancci ratio and market is right against the 61.8% retracement, market usually shows some resistance at this area and we are seeing some resistance since last two days. I would not be surprised if we see little bounce from here.....
Its a fustrating market as market can go to any direction from here. During shorting the best money to be made is during the heavy fall at the top.....after that it gets little fustrating....
I will be looking for some shorting and long candidate.... as I like to be prepared for both situation.....
No comments:
Post a Comment