Nifty had a very volatile day, gaped up opening following by break of yesterdays high towards downside and then suddenly went up. I am sure many Nifty day traders were got crushed today.
Todays action shows demand is there in the market but we have supply on top of todays high. It seems to be strong supply then demand. Looking at todays Nifty move, I believe tomorrow we should see no move day of little lower day.
In nutshell, it was a positive breadth day but not a strong positive breadth day. Oversold-overbought ration barely turned positive today.
Looking at the volatile market situation, I fell its better to stay in cash.
But if one has to invest, they should only invest in a strong stocks and not the weak one. Last two days suggest demand is there in the market but at the same time supply has entered today.
Cash is the king for now......
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