AS per my earlier posts i would like to inform you that market is still in uptrend and consolidating now but there are 2 major events now .
17-18th FED monetary policy :- & 20th RBI Policy
Whatever the result of the above as we are not here to estimate what FED or RBI could do but we are here to take the scenario as it comes,
Disclaimer –This is my personal view informing the trend only and nothing contained herein is a solicitation to buy or sell or make any specific trade on my views. Do your due diligence before considering any of my views always. By reading this publication you agree to make no trade relying in whole or in part on my comments.
A rally from 5910 to 5950 in nifty in a month is stupendous rally and now needs consolidation and some correction if also it wants to move up. Currently nifty is defending 200 DMA at 5835 levels on closing basis and intra-day it sis supporting 5800. Also Rupee corrected from 68.80 levels to 62.40 it also needs some breather on upside now if it has to correct more.
Due to high India VIX still at 29 levels and due to events best possible is to book your profits out and stay on side line. Nifty below 5800 could take support at 5770 – 5740 and 5625 levels if it has to be in up- momentum. Rupee will slide down to 64-64.50-64.90 in such case.
If nifty does not break 5770 and breaks above 5960 then 6030-6093-6190 is possible where rupee could do 62-61.25-60.
The broader range is 5200-6200 on nifty and on rupee 60-68 as of now. This trend could change but will take sometime and we will update as we go forward. Also to note that from 11th Oct the 2nd quarter results will start flowing in which could then weigh on fundamentals more then technical.
In my view wait for dips to buy then to enter for fresh buys …and those with high expertise could go short below 5770….it needs high nimble approach to go short with stop-losses to be placed for each trade.
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