Market Review As On 12.00 PM, 21
December, 2018, NIFTY-50, SENSEX-30
Ultimately,
the Indian stock markets bowed down to the mighty US DOW JONES INDEX; at least
what it looks like right now.
We have
been talking about how the resistance showed by Indian stock markets along with
its Asian counterparts, against US Equity markets decline, with low volumes and
unsustainable news flow, should not be taken for granted and must be traded
with care and caution. Our yesterday’s blog titled ‘beginning of reversal from
short term uptrend…’ also cautioned about the same and explored the possibilities
of further up moves in Ems without the support of the DMs esp.USA, and found
that it is very difficult.
Its not
always a bull market when the markets go up few hundred or few percentage
points for few days or weeks and so is true on the other side as well. We have
to take into consideration the variety of factors.
We have
been maintaining more of a sideways and range bound type market along with most
of prominent analysts out there, and not arguing about a crash or continuous
rally. Pls read previous articles to find tips on how to trade this type of
market.
The NIFTY-50
opened gap down about 100 points, and then gave up 30 more points as of this
writing. The markets which were very strong against the odds fell so much on
open is an important technical sign, and it will remain to be seen how the
indices ends. At the same time, pls keep in mind that we are still not
advocating ‘sell all’ mode but trade with strategies and mindset that is fit
for range-bound, sideways type low volume market.
We talked
about 200 odd points correction, so the NIFTY-50 move towards 10700-750 which
is also its lower end of the range of daily chart and 200DMA on its important
hourly chart, should be traded.
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