Nifty Blog by CA. Sachin Aggarwal
Dated
:- 07.10. 2018 NIFTY
SPOT : 10316.45
Hi
readers,
Nifty
moved as was mentioned and expected in my previous blog.
Nifty is
in oversold zone and respected our level our level was 11043 and Nifty made a
high of 11035 and faced resistance at that level.
And on
the down side our level was 10870 and below which breakdown was there and in
the oversold markets when breakdown comes with the bad news Nifty has the
tendency to fall nonstop sharply. Same happened. Readers would have also noted
that the same thing was mentioned in my previous blog that oversold markets
fall like anything because the retail investors look for bottom and they are
killed like anything.
Why it
happens is that in Futures and Options if one person is losing money then there
is some person somewhere who is making money and they are smart people.
That is
why Futures and Options are called zero sum game.
Now
What :-
Do not
bottom fish this market. Remember one thing that for the first time there is
question marks for the Financial System of our country. Which was treated as "TITANIC"
that nothing wrong can happen to that.
And
when this kind of things happen only fear is there.
And GOD
forbids if, Mutual Fund Redemption pressure comes from public, which is likely
sooner or later then the fall can be very ugly.
For the
coming week the view is that some stability is expected to come in the markets
and up and down moves are expected.
Volatility
and premium eating game is expected in the coming week.
The
wider range for the coming week is expected to be 10160 to 10455.
In the
coming week I will be less inclined to short sell immediately. As the risk
reward is not favorable.
The
strategy is to be nimble footed and the coming week will give money to intraday
traders on both sides then positional.
Also
the technical charts observation is that Nifty has rarely made more than 6
continues red candles on weekly charts. And it has already made 5 continues red
candles.
Trade
accordingly.
Note -
ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.
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