Again a gap up day. Either no body wants to sell in this really or we have strong demand in this market. Market breadth is showing weakness for this gap up day we really didn't have strong breadth for today. Today Nifty had a very narrow day with decent volume.
Big cap are showing little weakness as well. Compare to Nifty big cap stocks didn't have strong day.
Overbought/oversold indicator is showing a possible reversal today first time since January 3rd.
I believe if we don't get big demand in day or two.... we should see a major down days.
This market is full of weakness and strong overbought situation which can't sustain much without any pullback or consolidation.
One can try shorting NIfty at 5315 with stop just above 5333 and see how it plays out. It is very risky but if you see weakness in the media in the morning and in the market, you can try that out.
Big cap are showing little weakness as well. Compare to Nifty big cap stocks didn't have strong day.
Overbought/oversold indicator is showing a possible reversal today first time since January 3rd.
I believe if we don't get big demand in day or two.... we should see a major down days.
This market is full of weakness and strong overbought situation which can't sustain much without any pullback or consolidation.
One can try shorting NIfty at 5315 with stop just above 5333 and see how it plays out. It is very risky but if you see weakness in the media in the morning and in the market, you can try that out.
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