SMI –27th August 2013 – Market View

Posted By : Kishore B.S

Hi friends,

Nifty tried to break 5500 levels yesterday but could not closing at 5476. The rally was clearly fizzling out yesterday. So, it would have been appropriate yesterday. As per our analysis Nifty had a gap down opening of about 50 points.

The tension in Syria weighed down on US stocks yesterday with Dow shedding 64 points. The sentiments in the global scenario have turned negative as of now.

Rupee continues to walk on its downward trodden path. It is the road unknown for rupee and no one knows where it is going to stop. At present it is trading at 65.35 levels against dollar.

Tomorrow we have a holiday for Janmashtmi and on Thursday we have the expiry. So, Nifty is bound to be volatile. Trading in August expiry is very risky. Any new shorts should not be initiated as of now. Just let the expiry pass. The volatility might take the Nifty up on back of short covering or low. So, its best to stay out of the market as of now or enter with September options.

Cheers!!

Team SMI

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