Best bloggers of india - NewsPatrolling.com - “The merry days continue in our markets as we step into the second week of the New Year calendar. Our markets opened higher citing positive cues from the US bourses and then continued its gradual march in the uncharted territory. The broad based rally resulted into a fresh high above the new milestone of 10600.
Now, market participants have started naming this recent up move as a ‘Pre-Budget’ rally. And hence, some of the thematic pockets (related to Budget) are attracting traders’ attention. Although, index is at all time high, we do not see any trading opportunity in index; because, the kind of moves we can see outside the index is much more fascinating. We continue to advise remaining light on index specific trades and should focus on selective stocks with a proper exit strategy.
Today, we saw good traction in the banking basket for the major part of the day; but, towards the fag end, we saw banking index giving up gains and started making intraday lows. At the same time, the Nifty was around its high and was maintaining its strong posture. This we can construe as a divergence and hence, we do not want to trade aggressively in the benchmark index. As far as levels are concerned, 10630 – 10650 would be seen as immediate resistances which may attract some profit booking and on the downside, 10588 followed by 10560 would now act as intraday supports.”
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