Nifty showed a gap up opening op around 40 points on slight dollar correction as well as good global cues.The market breadth was also positive,after its initial impulse it traded sideways in a range occupying the noon,The market was hovering in the range till then the fall came ,by that time rupee proceeded towards more depreciation.The currency crunch is becoming a major concern these days .As per the current scenario rupee could depreciate to 56.5 to dollar.Also the markets itself are looking quite vulnerable,in addition we didn't have a healthy earnings season .
The markets closed in red at 4860 shedding 45 odd points on the cards.The market breadth was negative with 566 advances to 876 declines.Volatility along with indecisiveness has increased amongst the market participant amidst global as well as domestic concerns.It seems that the sayings "SELL IN MAY AND GO AWAY"applies well to our markets.
The markets are currently trading below their short term moving averages ,this gives us an opportunity to go short at every rise.Things should get worse before getting better..Be cautious ,choppiness in expected to increase in the coming days.Play in the markets with strict stop losses,considerate patience and right strategy for trading would yield good money
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