Honestly, I do not have a clear trade this time around. As I said in the last week, NIFTY is very delicately balanced at around 20-30 points away from a Support. If it decisively breaks 4680 then we are looking at more than 200 points free fall.
Sooner or later I believe this is going to happen. In the chart above RSI is in extreme oversold condition and looks like turning back but MACD is not helping. Moving Averages are still diverging indicating strength in the downtrend. Even RSI upon a close look gives impression of flattening out rather than turning back. See below.
Click on the picture to see a larger image. My apologies for this technical mumbo-jumbo for the uninitiated of you. Keep following Equity Blog and soon enough you will be laughing about it.
We will have to kind of wait and watch NIFTY for the direction before entering in any trade. Even US markets are not helping much. Will use mobile for a short post in trading hours if opportunity arises.
Happy (no)Trading.
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