Grand fall continued and got a nice pull back at the gap area though haven't completely filled up.
Now interesting part is that we managed to closed above 4980 but at the same time we are very close to these level that I can't decisively say that its end of the corrective wave. On open interest front we have seen nice addition to the 5000 call which again convince that we may plunge again. Odds are banks are supporting this rally (thnx to mayur for bringing into notice and watching bank nifty in the morning helped a lot to cover positions) but evens are that reliance and crude is looking quite weak. So keeping fingers crossed price action around 80s lvl will decide the game so watch for it. One more imp thing is we are stuck at 61.8% lvls which is a game changer in such kind of moves.
So to play positional long we must close tomorrow above 76.4 lvls. Till then I'll keep my bearish strategy on and look for price action.
Hope you liked reading it.
Happy Trading!!
No comments:
Post a Comment