Nifty August expiry closed at 10948, below 11k thereby keeping the major trend of weakness intact.
But the bullish bias is mainteined as it has bounced from a meaningful bottom of 10637.
Last two months have been horrible where we saw nifty opening gap down at 100+ points which have been unheard of. We have tided over the turbulance.
Looking forward to September month with optimism after such a prolonged bearish trend is justified only if the following conditions are satisfied:
1. Nifty must close above 200 DMA on a daily basis (11208).
2. A strong close over previous week close. (11118).
3. VIX - Volatility index should go below 14%.
Till then no long positions.
Good Luck!
But the bullish bias is mainteined as it has bounced from a meaningful bottom of 10637.
Last two months have been horrible where we saw nifty opening gap down at 100+ points which have been unheard of. We have tided over the turbulance.
Looking forward to September month with optimism after such a prolonged bearish trend is justified only if the following conditions are satisfied:
1. Nifty must close above 200 DMA on a daily basis (11208).
2. A strong close over previous week close. (11118).
3. VIX - Volatility index should go below 14%.
Till then no long positions.
Good Luck!
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