Hey there fellow stock market fans,
I know like cricket, the Indian stock market team is also on a loosing streak! And guess what we are not out of the woods yet. As a market survivor, with a been there, done that painful experience, my gut and my technical analysis says that the stats have stacked up so much in the negative that a positive run of 2 days does not mean that the bulls are here. So I have to do small trades very very carefully!
I didn't trade at all today. As you can see in the above daily chart, the market closed today between its short-term and medium-term price average on the positive side at 5550. The crucial level is around 5580. Why? Because it so happens that the short-term price average of the weekly chart (see below) and the medium-term price average of the daily chart is almost the same.. 5575 and 5578..
So what I am going to do is wait it out tomorrow.. If the market closes above 5580 tomorrow itself, that's a great indication to pick up one 5600 call at the end of the day just before closing only to sell it immediately the next day. Because I know that market is not out of the woods yet! And if it closes in the negative, well, that is what I am waiting for and will willingly pick up a put of 5500 or even sell one Nifty and wait for the money to roll in! :)
Ciao,
See you guys tomorrow!
I know like cricket, the Indian stock market team is also on a loosing streak! And guess what we are not out of the woods yet. As a market survivor, with a been there, done that painful experience, my gut and my technical analysis says that the stats have stacked up so much in the negative that a positive run of 2 days does not mean that the bulls are here. So I have to do small trades very very carefully!
So what I am going to do is wait it out tomorrow.. If the market closes above 5580 tomorrow itself, that's a great indication to pick up one 5600 call at the end of the day just before closing only to sell it immediately the next day. Because I know that market is not out of the woods yet! And if it closes in the negative, well, that is what I am waiting for and will willingly pick up a put of 5500 or even sell one Nifty and wait for the money to roll in! :)
Ciao,
See you guys tomorrow!
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