Hello,
With Nifty once again failing to cross the 5400 barrier and instead having broken the lower end of the short term range, we will have to prepare for a retracement of the current move rather than the breakout we were hoping.
While the breakout is not fully ruled out, for the time being, it makes sense to be out of long positions and initiate short positions with a stop and reverse level being around 5550.
Yesterday, we saw huge covering of 5500 and 5600 PE which is indicative of possible weakness in the short term. PCR ratio was at 1.79.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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