Nifty 50 IndexShort
Nifty is WEAK!
Nifty has broken the crucial Daily Support zone in the morning itself and looks weak. The intensity of the fall since October beginning is such that I feel we are just witnessing a DEAD CAT BOUNCE! Sorry to all Cat Lovers.
Any bounce will be weak and will lead to fresh selling and lower levels seems all likely to be visited in October itself.
I have taken Puts and will be carrying them overnight.
As per my analysis, Nifty will test the 100 DMA which is at around 24,400 zone. From here another weak bounce and if that too fails, the next support will be around 200 DMA.
This is clear indication of FII selling. No positive news including Haryana election win seems to be helping the market. This clearly means, market is over valued and FIIs will dump money till valuations seem right.
Trade Responsibly!
Any bounce will be weak and will lead to fresh selling and lower levels seems all likely to be visited in October itself.
I have taken Puts and will be carrying them overnight.
As per my analysis, Nifty will test the 100 DMA which is at around 24,400 zone. From here another weak bounce and if that too fails, the next support will be around 200 DMA.
This is clear indication of FII selling. No positive news including Haryana election win seems to be helping the market. This clearly means, market is over valued and FIIs will dump money till valuations seem right.
Trade Responsibly!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.