On wednesday Indian Markets movement were inline with HBJ Capital's expectation. One can expect further weakning and profit booking along with fresh short buildups.
Profit-booking by traders wiped out the morning gains and sent the benchmark indices into the red on Wednesday. The Nifty closed below the 3,000-mark from the day’s high of 3,240, while the Nifty November futures ended at a discount to the spot market after hitting the day’s high of 3,299. It was indicated that the Nifty has stiff resistance above 3,200. However, the index could move up to 3,300.
Wall Street stopped to catch its breath Wednesday,cashing in gains from a rally that lifted the Standard & Poor's 500 index more than 18 percent over six sessions. Stocks showed little change after a report that the U.S. services sector contracted sharply in October.
What should a trader do now?
Buy PUT Option or SHORT Nifty Future. In case if you already have such position, then just hold it.
-JK, Equity Research Analyst.
2 comments:
U have posted this on 5th of Nov & advised to Short Nifty or buy PUT,
But there is no posting from you since then so how shud i follow you advice .. pls Explain
Rdgs
VL
Dear Mr. VL,
Delay in posting was due to our offsite meet which was scheduled just after completion of "Mid-Cap Mela" event, so all our analysts were in the meeting for whole friday and today (monday). Feel free to call us anytime.
Latest update will be posted today with further strategies and trading calls.
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