NIFTY closes just below 5000 after giving a breach a day back. We have got a nice pattern coming on the markets today. The New high New low index has not given a new low yesterday. New highs were 6 and new lows were 11, NH-NL is -10, whereas on Monday it was -45, when the Nifty closed up. Based on this observation there is a possibility of a small reversal on Nifty today. This can benefit intraday traders to make some immediate gains, it also confirms itself with an oversold level on the daily nifty chart. Traders who play intraday on Nifty can take their positions today with added confidence. When we trade with confidence and belief, external forces collide and get us what we believe. There should be a very strong belief without any doubts in the thought.
Pharma Industry group leads with more new highs while General Finance Industry has more number of new lows. In general it is the Finance sector that leads the direction of the market, which at present is under bear pressure. Shorting opportunities will be in high numbers as the market rallies a little from the present levels.
Traders with high capital in their trading accounts can short the market with adequate risks at appropriate levels. Profits from shorting is twice faster than long trades, hence take advantage of the opportunity.
Happy trading.
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