Anil Singhvi decodes markets today, says FOCUS on important levels
Should there be a change in the approach of traders in the way they are currently making intraday moves? While giving his take on this issue, Zee Business Managing Editor Anil Singhvi said that over the last 2-3 trading sessions the sell on rise trades have matched the buy on dip trades. This is the only small change, he opined
Should there be a change in the approach of traders in the way they are currently making intraday moves? While giving his take on this issue, Zee Business Managing Editor Anil Singhvi said that over the last 2-3 trading sessions the ‘sell on rise’ trades have matched the ‘buy on dip’ trades. This is the only small change, he opined.
He has asked the traders to adopt a wait and watch strategy. He said the market is rewarding the traders on fall slightly more than when it is on rise. After a long time, the traders have been able to make money by shorting their positions, the Market Guru said.
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The market has given a two way trading scenario in the last 2-3 days, he said.
The weekly expiry for the Futures and Options (F and O) was on Thursday. The expiry is over now and many trades related to expiry are over now. Today is a new day and a fresh trading session.
The next week will be a monthly expiry week. The number of positions on a monthly expiry day are relatively more, the Managing Editor said.
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He said that the traders should approach today’s trading session with a fresh approach and remove the backlog. The traders should now focus on important support levels, he said.
Any decision on the trend should be based on today’s closing, Singhvi said adding that the closing will decide if the markets are weak or not or if this was a running correction.
The span of running correction has now gone up to 3-4 days from an earlier 1-1.5 days, the Market Guru opined. The last correction was similar and lasted for 3-4 days and the markets rebounded, he said. It made a lifetime high on Monday.
He advised investors not to worry too much. He said that the best closing in Nifty was 15,314 and the Nifty lifetime high is 15431.
The fall from this high has been only by 300-325 points, he said which is not big and the investors should not worry much.
The markets cannot move one-way on a daily basis.
As for Bank Nifty the lifetime high closing has been 37306. The 700-points fall is just 2 per cent.
A 4-5 per cent correction is alright he said adding that beyond this, it would be a cause for worry.
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