It is a foregone conclusion since the Dow and the S&P closed 3 % lower that Asian Markets and even our NSE would open much lower.
What is important from a day trading and even a swing trading perspective is the market’s reaction to these low prices.
Would dip-buyers emerge? or will it be sellers in control?
For the day time frame the levels to watch will be 4983 and 4964 NF on the downside and 5028 and 5061 NF on the upside.
Bought Nifty at 5001 , sl 4982 target 5027
An hour and a half after giving the trade, Nifty is still at 5001.
You can exit at cost if you are unsure.
I see a huge move developing today. If you have studied out weekend notes on open prices, you would know why….
The morning weakness took out our mental stop at 1761 for Grasim.
However if you have been watching you must have seen buyers step in immediately at the lower prices and take the stock up.
I remain a buyer in Grasim as a positional set-up.
Keep a stop below 1740 on an end-of-day basis.
Intraday bias shifts to the lower side slightly below 5002.
4982 maintains it’s importance and is protected since morning.
Market should auction now between 5004 and 5025.
A successful trade above 5027 will bring 5045-5060, but looks difficult.
As expected at 13.24, markets are finishing the session by auctioning between 5004 and 5025.
For tomorrow only a trade above 5027 can bring 5060 and 5085.
On the downside the levels are as in the morning post.
See you later..