What happened yesterday?? Have you all watched Nifty fut roaring high up to 5845 level? We told in our market outlook that above 5777 no worries for bulls till 5850 level. Recall the market outlook, read it again, CLICK HERE. Team EAIB always keeping you all ahead of everyone in this manipulative & volatile market. Read our market outlook of yesterday & weekly market outlook, for knowing further direction along with date & time. We have elaborated everything in past posts.
Looking at the present market conditions, we are short term overbought, the intermediate term shows upside capped. Of course it could just as easily roll back down at anytime, but for now it appears that bears will give a tough fight to bulls now & and after a mad bull run, bulls are looking exhausted. We can’t say it’s going to be easy for bears, but again...anything is possible. So hang in there bears, we really don’t think we are going up too much further. Bears can njoy a party in coming days!!!!
On 15September, after rising for 6-7 days straight, the bulls need a breather, and that’s exactly what we can get today. As for intraday, as long as the 5858 level, is not crossed bulls will take some rest & bears will attack decisively to drag down the markets. On the downside journey, support exists at 5775, and once this level is breached then expect sharp slide to 5750-5728-5688 levels. As we have told that 5858 is a resistance level, & if this level is crossed then bulls can inch higher upto 5896 levels, but the range 5858-5895 will be a resistance zone for short term & if it markets reverts back from there, then we expect that area to stop the rally and then continue the selling. We are in a period now where the best thing to do is to book profits in long positions and go short on every rise and not try to swing trade in and out of the market, as you might not get another good re-entry spot for shorts again. If we bounce any at all, the 5858-5896 zone (can be used as stoploss for all short positions for short term prospective) is now going to be resistance, and would be another good shorting spot. Best way to trade in these kind of markets is to follow the levels strictly, instead of speculating on the basis of expiry, day closing etc etc. Just think from manipulators point of view, think of it like this, if you tank the market now (when no one is expecting it), then you can rally it later, when everyone is looking for a crash to occur… and steal the masses money of course. Those who have wisdom, can read it & take their own decision for making money & not getting fooled by the big fishes of this share market ocean.
Looking at the present market conditions, we are short term overbought, the intermediate term shows upside capped. Of course it could just as easily roll back down at anytime, but for now it appears that bears will give a tough fight to bulls now & and after a mad bull run, bulls are looking exhausted. We can’t say it’s going to be easy for bears, but again...anything is possible. So hang in there bears, we really don’t think we are going up too much further. Bears can njoy a party in coming days!!!!
On 15September, after rising for 6-7 days straight, the bulls need a breather, and that’s exactly what we can get today. As for intraday, as long as the 5858 level, is not crossed bulls will take some rest & bears will attack decisively to drag down the markets. On the downside journey, support exists at 5775, and once this level is breached then expect sharp slide to 5750-5728-5688 levels. As we have told that 5858 is a resistance level, & if this level is crossed then bulls can inch higher upto 5896 levels, but the range 5858-5895 will be a resistance zone for short term & if it markets reverts back from there, then we expect that area to stop the rally and then continue the selling. We are in a period now where the best thing to do is to book profits in long positions and go short on every rise and not try to swing trade in and out of the market, as you might not get another good re-entry spot for shorts again. If we bounce any at all, the 5858-5896 zone (can be used as stoploss for all short positions for short term prospective) is now going to be resistance, and would be another good shorting spot. Best way to trade in these kind of markets is to follow the levels strictly, instead of speculating on the basis of expiry, day closing etc etc. Just think from manipulators point of view, think of it like this, if you tank the market now (when no one is expecting it), then you can rally it later, when everyone is looking for a crash to occur… and steal the masses money of course. Those who have wisdom, can read it & take their own decision for making money & not getting fooled by the big fishes of this share market ocean.
Those who have missed to read our weekly market outlook given on sunday, read it now to know whats going to happen in markets in coming days. CLICK HERE.
Nifty Levels
- Resistance - 5835-5858-5882-5896
- Support -5775-5750-5728-5688
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Intraday Calls
- Morganite Crucible abv 249 tgt-256-265-278
- Titan Ind abv 3110 tgt-3134-3156-3220+
- Aqua Logistics abv 592 tgt-604-611-624+
- Eicher motor abv 1235 tgt-1248-1270-1284
- Also watch Kiri Dyes, Shirpur Gold, Aarvee Denim, OMDC.
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