Nifty and Bank Nifty had shown recovery in the last one hour trade and a it is a 4 hourly big green candle in the chart.This has happened after 6 trading sessions. This signifies a temporary relief for the Nifty and bank Nifty and a breather.
The fact of the matter is that nothing has changed in the reasons for the downfall of the market which already shed 494 from the all time high with in a span of 7 trading sessions.
The Rupee depreciation, High VIX, growth of Indian economy at a slower pace, fear of further depreciation in Rupee against US $ has not improved in the last 4 hours of yesterday where our Index has started showing recovery. One must conclude that this is a temporary pull back and expiry day play to give a rosy picture.
If Dow starts correcting, no doubt our market will go hand in hand.
Nifty Future above 9900 and bank Nifty future above 24250 signifies change of trend. Till then it is a sell on rise market. We must wait for market to consolidate which is likely to take another 3-4 days to give a clear trend. Wait till 5th October and it is likely that trend emerges at that time to decide the right trade.
October expiry has only 17 trading sessions and unless clear trend emerges one should not get into options trade.
Sir,
ReplyDeleteGood morning. In a previous post 10000 Dec PE crossing Rs.299 is buy and sit tight. Presently its above 305. Your coment please.