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Bears ruled the street, the market seemed to be witnessing exactly what they had feared -- another downward leg of the bear market. Triggered by a second wave of infections in some countries, markets across the globe tumbled, erasing gains of last few sessions. The fear of a second wave of infections is gaining momentum everywhere. Global markets are trading weak. Benchmark indices of Japan, Korea and Hong Kong are down up to 5%. Dow futures are also down sharply. India has recorded 3.32 lakh Covid-19 cases till now, with fatalities inching towards the dreadful 10000 mark. What is worrying Indian administration is that the country is reporting a higher number of infections every day, meaning the spread is yet to peak? Even though the government is denying any community spread yet, the specter looms large. The Sensex tumbled over 700 points to 33076 in first of Monday’s trade, while the Nifty shed over 200 points. The Sensex closed nearly 600 points lower at 33228 levels and the Nifty closed below 9850 at 9813.
The Nifty closed the day below 9800 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9750–9600 zone. For the time being, strength in the index shall not be expected unless it closes above 10000 levels. Traders should avoid long positions and look for some signs of stability around 10000 whereas existing shorts should be squared off if the Nifty fails to close below 9850 in the next trading session.
Bears ruled the street, the market seemed to be witnessing exactly what they had feared -- another downward leg of the bear market. Triggered by a second wave of infections in some countries, markets across the globe tumbled, erasing gains of last few sessions. The fear of a second wave of infections is gaining momentum everywhere. Global markets are trading weak. Benchmark indices of Japan, Korea and Hong Kong are down up to 5%. Dow futures are also down sharply. India has recorded 3.32 lakh Covid-19 cases till now, with fatalities inching towards the dreadful 10000 mark. What is worrying Indian administration is that the country is reporting a higher number of infections every day, meaning the spread is yet to peak? Even though the government is denying any community spread yet, the specter looms large. The Sensex tumbled over 700 points to 33076 in first of Monday’s trade, while the Nifty shed over 200 points. The Sensex closed nearly 600 points lower at 33228 levels and the Nifty closed below 9850 at 9813.
The Nifty closed the day below 9800 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9750–9600 zone. For the time being, strength in the index shall not be expected unless it closes above 10000 levels. Traders should avoid long positions and look for some signs of stability around 10000 whereas existing shorts should be squared off if the Nifty fails to close below 9850 in the next trading session.
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Resistance: 9900, 10000
Support: 9800, 9700
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