Short

Nifty-Break of 10K:Expect gap down & Bearish to Sideways market

Updated

NIFTY

As expected, Nifty has started to tumble down and broke the 10,000 support as markets globally have started to sell off. Nifty closed today at 9902 after a down-trending day. At the time of this writing, DJI, US30, SPY, SPX, NDAQ, USOIL etc. are having a big sell off happening and SGX-Nifty is at 9510. (Thus, NSE:Nifty has a high probability of a gap down opening tomorrow.)

Since this sell off is happening globally, i don't expect to start seeing good positive moves up in the short term. (Though possibility of dead-cat bounces do exist & i can always be wrong)
If you are currently long, i would recommend to get out at a suitable exit point as this sell off may also be start of a new fresh wave down which many of the traders would have been anticipating.

For the short term i am expecting bearish / side-ways market. It would be sensible to not long the current market for long time periods unless your risk appetite allows for the same.
On the contrary, this may be a good time to do a small, short swing trade.

Trade Safe!

Daily RSI
- 58 ( Neutral Zone )

If you found the article useful -
HIT LIKE & FOLLOW FOR MORE

Note

Nifty had a good up-rally today which may be a result of short covering.
I am Still bearish since DOW, SPX, SPX are showing sell off and we may see a similar downside move in Nifty soon unless some good news hits the market or those markets start to move up again.

iSauravKr

Also on:

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.