Market has been highly consolidating and though it is trying to move higher, it is having very stiff resistance. My view is still negative on the market until market starts moving above 5660 with higher volumes.
Right now it would be better to keep our positions low and wait for the right opportunity. Market is highly volatile as it is entering the final week for the expiry.
The short covering which is coming is not having the strength to form a rally which is indicating that the market has more shorts than longs. The confidence of the traders is reducing and hence they are very cautious on the markets.
If tomorrow market trades with negative bias, we can even expect the support of 5550 getting broken and we can see new lows.
US market is closed today and hence you will not see any major cues from there. Market is waiting and watching for the parliament session and there is expectations of many major bills getting passed. By any chance bills get passed, market will first break the gap which is formed between 5650-5660 and it will give strength for the market. You can see major short covering and fresh longs built at this level.
So keep the fingers crossed and let us trade as per the market giving us the right directions.
All the Best :)
Right now it would be better to keep our positions low and wait for the right opportunity. Market is highly volatile as it is entering the final week for the expiry.
The short covering which is coming is not having the strength to form a rally which is indicating that the market has more shorts than longs. The confidence of the traders is reducing and hence they are very cautious on the markets.
If tomorrow market trades with negative bias, we can even expect the support of 5550 getting broken and we can see new lows.
US market is closed today and hence you will not see any major cues from there. Market is waiting and watching for the parliament session and there is expectations of many major bills getting passed. By any chance bills get passed, market will first break the gap which is formed between 5650-5660 and it will give strength for the market. You can see major short covering and fresh longs built at this level.
So keep the fingers crossed and let us trade as per the market giving us the right directions.
All the Best :)
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