This week will be very important for the market. We had seen major selling last week. But we haven't seen follow through selling which is not good for shorting positions. If Nifty closes lower than 5333 then we have next support area at 5166.
Market breadth is not very negative hence we may see little reversal in this week. Overbought-Oversold ratio hasn't turned strongly negative as well. Looking at both of this indicator, unless we see higher selling, I believe we may certainly see reversal (mostly short term)
I still believe, short position will work better in this market but investors seems to be still bullish in this market. If investors starts selling spree... we may see lowest lower of this year soon. This week is very critical for this markets direction...
Its time to move stops closer to our shorting position and see how market reacts to our positions.
I am still going to look for good shorting candidate until we see strong positive market breadth.
Market breadth is not very negative hence we may see little reversal in this week. Overbought-Oversold ratio hasn't turned strongly negative as well. Looking at both of this indicator, unless we see higher selling, I believe we may certainly see reversal (mostly short term)
I still believe, short position will work better in this market but investors seems to be still bullish in this market. If investors starts selling spree... we may see lowest lower of this year soon. This week is very critical for this markets direction...
Its time to move stops closer to our shorting position and see how market reacts to our positions.
I am still going to look for good shorting candidate until we see strong positive market breadth.
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