Few Important Pointers:
World Market is Weak. USA has been trading near 200 DMA and had closed on 9th below this for the first time after 6 months.
Europe is still having their concerns which is also weak for the markets.
For India, all the results for NSE index stocks have been declared and there is no new trigger which can take the market up. Expecting market will go up for Diwali can be a sentimental reason but not technically correct.
Though the market overall is weak, there is lot of optimism too and not allowing the market to come down. There are multiple supports and hence market cannot come down very easily.
Since the global cues are weak, market sentiments may get affected, and hence you should be very cautious at this level. Since the market is still in the trading range, it is advisable not to trade in NIFTY futures / options. Market is giving good opportunity only in specific stocks and hence should plan the trade accordingly.
Though US and Europe market are weak, Indian market is very resilient and is not coming down very easily.
Now there is a gap near 5650 - 5677 which is very important support for the market. If this is broken, then we can expect weakness. Until it is not broken, we can have positive bias and use the strategy of "BUY on DIPS". And if it is not able to move above 5750, then "SELL on RALLIES". It is very difficult trading and only professional traders should trade an others should avoid trading until market breaks this range. Market is trading in very narrow trading range and has to be very professionally traded.
Since Monday is the only working day before Diwali, Tuesday's session is only for 40 mins and can be ignored. Hence sentiments may take over technicals for Monday. Market may give a good rally today. But in my opinion, this has to be used to get away from all long positions. For intraday traders, you can go long at the open if it is holding the support of 5680. Keep Stop Loss at 5665 and buy Nifty for target of 5750 - 5780. Do not get greedy and hold positions assuming market will go up to 5900 - 6000. Market has huge resistance at 5815 and with the current situation, i don't see it moving beyond 5790. If market closes above 5790 for 2 consecutive days, then only you can see strength.
Market may not give much movement till 11am since we have IIP data. But if the data is a positive surprise market may start moving up in the first hour itself. Best strategy for intraday is Buy Nify @ 5680, add more positions if market holds 5724 and cover positions at 5760 - 5780.
According to me, I will be trading short on higher levels in specific stocks. If you need professional assistance in making profits in this difficult markets, email me to nsebsestocktradingcalls@gmail.com
World Market is Weak. USA has been trading near 200 DMA and had closed on 9th below this for the first time after 6 months.
Europe is still having their concerns which is also weak for the markets.
For India, all the results for NSE index stocks have been declared and there is no new trigger which can take the market up. Expecting market will go up for Diwali can be a sentimental reason but not technically correct.
Though the market overall is weak, there is lot of optimism too and not allowing the market to come down. There are multiple supports and hence market cannot come down very easily.
Since the global cues are weak, market sentiments may get affected, and hence you should be very cautious at this level. Since the market is still in the trading range, it is advisable not to trade in NIFTY futures / options. Market is giving good opportunity only in specific stocks and hence should plan the trade accordingly.
Though US and Europe market are weak, Indian market is very resilient and is not coming down very easily.
Now there is a gap near 5650 - 5677 which is very important support for the market. If this is broken, then we can expect weakness. Until it is not broken, we can have positive bias and use the strategy of "BUY on DIPS". And if it is not able to move above 5750, then "SELL on RALLIES". It is very difficult trading and only professional traders should trade an others should avoid trading until market breaks this range. Market is trading in very narrow trading range and has to be very professionally traded.
Since Monday is the only working day before Diwali, Tuesday's session is only for 40 mins and can be ignored. Hence sentiments may take over technicals for Monday. Market may give a good rally today. But in my opinion, this has to be used to get away from all long positions. For intraday traders, you can go long at the open if it is holding the support of 5680. Keep Stop Loss at 5665 and buy Nifty for target of 5750 - 5780. Do not get greedy and hold positions assuming market will go up to 5900 - 6000. Market has huge resistance at 5815 and with the current situation, i don't see it moving beyond 5790. If market closes above 5790 for 2 consecutive days, then only you can see strength.
Market may not give much movement till 11am since we have IIP data. But if the data is a positive surprise market may start moving up in the first hour itself. Best strategy for intraday is Buy Nify @ 5680, add more positions if market holds 5724 and cover positions at 5760 - 5780.
According to me, I will be trading short on higher levels in specific stocks. If you need professional assistance in making profits in this difficult markets, email me to nsebsestocktradingcalls@gmail.com
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