it was said nifty has entered into bearish intermediate cycle and likely to move toward 4800 in medium to intermediate term and to exit delivery positions on pullback to 5500 and 5800.
the 5550-5600 bounce is done, but a larger pullback after consolidation near 5400 was expected after budget. but yday's sudden selling broke the nifty below imp 5380 lvl again, as such it might again test the uptrend channel lower side. at this point it is not very clear at what lvl it will find strong buying support.
therefore long positions should not be initiated unless it shows a short term bullishness on eod charts.
due to volatility and sudden swings, intraday trading should best be avoided unless one is very quick and maintains strict stoplosses and carries small positions.
the 5550-5600 bounce is done, but a larger pullback after consolidation near 5400 was expected after budget. but yday's sudden selling broke the nifty below imp 5380 lvl again, as such it might again test the uptrend channel lower side. at this point it is not very clear at what lvl it will find strong buying support.
therefore long positions should not be initiated unless it shows a short term bullishness on eod charts.
due to volatility and sudden swings, intraday trading should best be avoided unless one is very quick and maintains strict stoplosses and carries small positions.
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