Market has traded for the whole day between 5650-5670 range.
For the 2nd day, we have closed below 5600, which is clearly showing weakness in the market.
Though market has hold itself the level of 5550, it has not acted as a strong pull back zone which was expected. The market sentiments have been quite low. Though Europe market opened 1% up and was trading 1% up till our market was over, which has only helped to hold the market and not able to build any fresh longs.
There is no fresh longs built. There is a lot of profit booking and short covering happening. Though the direction of the market in immediate term is not very clear, but overall the market direction seem to be negative only.
Index trading will definitely not be advisable at this stage. There are shorts built in Colgate Palmolive and SAIL. You can see some decisive movement tomorrow. Have these stocks in your radar.
For the 2nd day, we have closed below 5600, which is clearly showing weakness in the market.
Though market has hold itself the level of 5550, it has not acted as a strong pull back zone which was expected. The market sentiments have been quite low. Though Europe market opened 1% up and was trading 1% up till our market was over, which has only helped to hold the market and not able to build any fresh longs.
There is no fresh longs built. There is a lot of profit booking and short covering happening. Though the direction of the market in immediate term is not very clear, but overall the market direction seem to be negative only.
Index trading will definitely not be advisable at this stage. There are shorts built in Colgate Palmolive and SAIL. You can see some decisive movement tomorrow. Have these stocks in your radar.
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