The market had another breakout today. All seems to be well, except that the advance / decline ratio for all nse stocks actually reversed in the final hour ( meaning it had more declining stocks than advancing ones).
This could be a cause for worry.
One more observation. Nifty future had a double bottom at 4630/4635. The pivot points for Nifty for tomorrow are PP: 4632. Thus 4630 (Nifty) may turn out to be an important level tomorrow. The S1 and R1 are at 4575 and 4712. You can develop a strategy around the 4630 but do keep tight stop loss and do not fight the market, in case your strategy turns out to be out of favour with the market price action.
If you have any comments please write to me at stockmarket.methods.in.madness@gmail.com
Disclaimer: The above analysis is just that - my analysis. If you choose to trade on the basis of this analysis, you will be solely responsible for the outcome of the trade - profit or loss. Please keep in mind that trading and in particular day trading is not for the novice and there is significant risk of loss of capital in trading.
15 years ago
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