Next thing is looks like 2660 is holding for now...so covering and watching seems good and prudent...
Lastly I dont like this action...We could be basing for a quick move upward. Not sure anymore..SO when in doubt, be safe..We shall see tomorrow what to do with the rest of the shorts..This relative strength in our markets has me skeptical for now..But not fighting with the market..Lets see if we are setting up an important buy very soon. 2500 area obviously remains important medium term. Still holding few NF shorts.
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11:10AM Update - Okay market is hovering around the 2700-2690 mark so far. I am not convinced this is the low of the day. I think we see more downside today itself. Be careful with bottom picking. Either way I want to cover some of my shorts today. I will wait and watch for some more time before taking a decision.
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Okay next our markets for today. Might be pretty bad with the US futures also looking down. I will post intraday updates in this thread itself.
The triangle structure spanning the past 4 months has been lending support to nifty so far. Today might be the day it finally fails - A close below the line will confirm it. You can see how they stick saved the market past 4 sessions to avoid a meltdown. A daily close below 2730 will have me interested AND intraday move below 2650 will bring about a big move.
A gap down is also almost surely assured today. I think the selling climax I was looking for so long might finally be here :)
Position updates if any - I will state them in the intraday updates here itself.
Chart for now -
NIFTY DAILY
Nifty Weekly Comments - Stochastics on a FIRM sell. I trust this indicator a lot - people who used to visit my blog from the beginning would remember more on how I used to use this for trading.
We might be close to a selling climax. Not going to try to pick bottoms until I see some bullish confirmations or unless we get close to 2200-2000 NIFTY levels..
One other thing - One bullish looking stock that I think looks interesting is CAIRN. Nice volumes and a possible triangle breakout. After a long time, I am looking at a stock with a bullish perspective. Keep an eye on it. Not sure if its a good idea to start scaling into it now itself or wait a bit more...I am also bullish on OIL..So CAIRN is a good proxy play.
Intraday comments later.
Best.
2 comments:
You missed some action in the afternoon dude. Lol, I really liked the primary reason you gave for closing your positions (wanting to sleep). I do the same thing myself at times. Hope you had a good snooze. Nice that you are giving intra updates, I'll keep checking back in the day.
Meh..you're right :)
No snooze man...Real sleep...Incase you dont know I am in Houston..On CST timings...Even then I slept yesterday at 2:00AM my time...Still its only 1:30PM there...So as an effect, I miss some of the afternoon moves...
But thats okay...Need to sleep..lol :) Market action itself makes you sleepy.. :D
And I still do have 60% of my NF shorts...I closed all my PUTs though..Still its okay...Taking profits is always good...100pts NF profits is good...Missed on a 50 extra points..but oh well...Win some lose some...Main thing is the profits...Cant think more on that!
Best.
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