Morning !
Looking at what happened yesterday, yes it was disappointing and puzzled many traders including me, i don't hesitate in accepting that, but yes, adding on to it i would want to say that its time to take a pause as markets are at a very critical point.
The NIFTY channel that i mentioned in my post http://abhisheksaddi.blogspot.in/2016/03/nifty-channel-in-current-downtrend-from.html . The upper end today is at 7829 which is the last hope for confirmation if any that the downtrend has ended and there would be no reversal for downside.Coming out above this channel which has been since the top made of 9119 in March 2015.
Today being expiry, we may witness some high action in market.
Don't go naked in market today, take a contra hedge in your existing positions if any.
The BANKNIFTY on the other end in this case the wave 4 has overlapped wave 1 which only happens as per the rule :
"This pattern is a terminating wave pattern.....it only occurs in specific instances....for example in the 5th wave position of an impulse wave or in the C wave of an ABC formation.Whenever this pattern terminates,it tends to resolve very sharply and swiftly back to below the origin of the pattern."
So the overlap may well reach till 16500 which obviously would not be in the capacity of every trader.
Again hedge your positions if anyone is willing to rollover to next expiry.
Sirji actually I cant understand wht u told or wht I do . Can I carry sell position nfty bn for april series or exit.
ReplyDeleteSirji actually I cant understand wht u told or wht I do . Can I carry sell position nfty bn for april series or exit.
ReplyDeleteKunal Shah: NIFTY is 7829 last resort but Banknifty may hit 16500...i don't think further risk is suggested..as of now exit, would let you know later, what should be done.
ReplyDeleteOk thnks. But plss provide me ur next updat of april series
ReplyDeleteKunal Shah: Yes i will
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