Posted By : Kishore B.S
Today we saw a tough tussle between the bulls and the bears. Nifty is in the midway at a very crucial position of 5350. Today’s US data will be the decider. If that comes positive it will break on the upside else chances of it sustaining at 5350 is very less. Global markets rallied because of the strong US data. Now we have a very long weekend. The markets will be closed for 4 days. So, on should stay back from investing tomorrow. Just wait for one day and start afresh from Monday.
Though the markets are rallying yet the fundamentals remain weak. Now the upside is capped to 5500-5550. Nifty is unlikely to go beyond these levels. The immediate trend is upside. So, no shorting should be done right now. The strategy should be to short on every rally. But again i will suggest to refrain yourself from investing tomorrow. Thursday and Friday, data’s will be released in US. No one knows how markets will react. So, just sit high on cash right now. Exit all your long or short positions tomorrow. Don’t take any new positions.
(Inputs Mr. Shubham Deva, An Stock Market Institute Associate, IIT Kanpur)