The markets did manufacture a good turn around thanks to support from West. The idea of all large Central Banks coming together to loosen their purse strings in tandem is... to be honest... scary. It may help stock markets all over but watch out for commodities as well. May not be a good thing for developing economies which are fighting high inflation.
Anyway, coming back to NIFTY. See the chart below.
Market is clearly trying to get back to the upper end of the channel which lies somewhere over 5300... a long shot I would say. MACD and RSI both are in supportive mood though I have to admit. Today market has taken a support at the 21 day EMA which is at 4938 and the next immediate resistance is somewhere at 5018 which is 50 day EMA for the NIFTY.
I wanted to get in to the Trade with a 4700 PUT today but could not do so in time. Today Europe were down by up to 1% while US was half a percent down when I last checked before going to bed. If markets are in positive territory again, will get a micro PUT trade just for the heck of it.
Hope to have a more definitive trade for the coming week.
Happy Trading till then.
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