Blogging after a long time. Markets look to correct in the coming week, we have been having regular holidays in between trading days of the week, which will not give requried room for the charts to form and give strong patterns. This week there are no trade signals, last week we had TATASTEEL on the long side, which has almost failed, stop has been moved up on this trade to get a break even exit. When a clear signal fails, it give a perfect indication, that the market is not in the direction of the trade.
Result season so far has been mised, with very few positive surprises coming up. MARUTI was a surpise and IDEA too. Otherwise all the others are just so so. HDFC Bank after holding strong for more than 5 past quarters has come down on growth side. Most of the banking stocks are getting bearish divergences cleared on their weekly charts, which means, we are stepping into the next leg of bear move in the coming weeks.
The NH-NL index which we track for the broad market movement went positive just for one day and has turned negative on the daily values. This is giving another confirmation that we are heading for correction. But, the weekly NH-NL is yet to move above zero, this is again a concern, that the bear phase will continue for a fairly longer period.
We should have some trading opportunities coming ahead.
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