[sharetrading] Nifty

 

At last the bearish sentiment is over powering the bulls. It would make sense to short the markets on intra day signal and hold short in case of close below 5030.

It is better to avoid cash buys for the time being and trade holdings on intra day charts. Stay out on sidelines below 5050.

On Nifty, OI has been reducing for the 5^th day continuously in present series, where as it is increasing with a premium on near month, which indicates in my opinion that the down side is limited.

 

One may look at entries on signals near 4950. As I do not see major weakness at this point to reach 4820 or 4590, the major supports on weekly charts.

US markets have closed weak. Australia had opened weak, but making up moves presently.

 

Take care

Abe

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