As mentioned earlier, market is consolidating and it can move in either directions. Our target of 5610 on nifty spot was achieved. But i had said to move out of longs earlier itself.
I am not very confident about the last half an hour up move. Even if market moves up, will it sustain 5630-5650 is something which has to be closely observed.
And regarding SBIN, though it hit 2070 on intraday basis, the counter is still very weak. Either it may consolidate at this level or come down to our targets. 2000 will act as a major psychological support, once it is broken, there can be stronger weakness.
I have mentioned earlier in my blog that SBIN is looking weak and can come till 1880. But this move may happen once 2000 is broken decisively. So keep track on the counter.
This Friday's closing will give us better direction of the market. As mentioned earlier, Straddle will be the best strategy.
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