Equities gathered steam in afternoon trade as significant gains in realty and auto stocks offset the losses in technology and energy stocks. What we have observed during last two week is; there is lot of strength shown by the Indian Market, ignoring all global trend, all the bad news, we are seeing market going great heights day by day.
Now most of the people started believing that we are in uptrend and will move further until hit by the roadblock or end of this bear market rally. Normally bear market rally goes as high as 20-25%, so it seems we have another 5-10% headroom here.
Since the expiry is only next week, hence taking any positions in options are not suggested. As we have mentioned in the previous posting, one can still go LONG in Nifty. In case if someone want to take LONG position, it is better to do it around 3-3:30pm only.
Sandeep Jain, Associate, HBJ Capital
Note: Pls read the disclaimer on this site. Investors/ traders should do their due diligence before taking any action based on our analysis. In order to provide unbiased Calls or Suggestions on FnO trading, HBJ Capital & any of its research analysts are not allowed to trade in Future and Options.
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