Dec 13, 2018

NIFTY 50 INDEX – CMP – 10800- A Very Brief Simple Review

NIFTY 50 INDEX – CMP – 10800

The nifty index is looking overbought for the time being and we believe its time to exit longs and possibly enter short positions, it can be done by shorting calls which is best way, and other relatively pricey method is buying puts.
At the same time we maintain that the market is in sideways, low volatile, non trendy, low volume, range bound phase, and likely to remain so with only some intraday ups and downs with more and more individual stock moves. The reaction of markets to RBI governor resignation and the slack performance of ruling BJP party in 5 state assembly elections does not say anything but reinforce the same fact. We believe the oil and gas and some other beaten down sector would benefit with the sideways market and may rise along with some other beaten down NBFC stocks. The market may rise only due to lack of short selling, and will tank due to lack of buying as stocks hits resistance in due course.
In case market gaps up tomorrow due to oversold European and Asian markets bounce back and non negative reaction to BJP losses in election, then we may see 11000 nifty level and domestic bout of stock buying for few weeks with same range bound non momentum trend.

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