Pure technical perspective, Nifty is falling into strong bearish setup. This is soo bearish that it may hit the 4400 from here..... But I like to wait for the bearish test before we can think about taking major bearish position with the market.
Breadth is supporting negative outlook of the market. Yesterdays jump was not as strong as fridays free down fall. If we get weak push up from here, it may be a weak test and market can become very bad and can have another free fall from here..... and this one will end up much strong down move than first one, which started on Feb 22nd.
THis is not a good market to take higher rish and I would strongly suggest to be in heavy cash
One idea is to short Nifty at 5137 and 5168 stop..... or wait till tomorrows close and make decision
No comments:
Post a Comment