NIFTY Weekly Analysis: 26th June. SHORT before LONG!
Hi Traders/Investors,
I see NIFTY on Friday 26th 2022, couldn't close above 21st June's High price of 15707 and secondly it closed below 15700.
I know DOW and S&P500 both closed well in green with more than 2.6 - 3% on Upside.
But when I see NIFTY chart and Open Interest in the system, there are lot more Calls in system than Puts. Also, if I see FII data they sold more than 2000crores on Friday as well.
So, my trade for next week would continue to be on the downside, I don't see Bullish signs yet in NIFTY as NIFTY gave close to half it gains from High it made on Friday.
This might sound like a contrarian view against general views, but often markets do quite the opposite of what masses think. I hope I'm wrong but if I'm right you'll thank me later! :)
So, the two trendlines which you see in the chart, I'm expecting if market opens flat and then the red trendline break out on good volume on upside, I might add some LONGs.
BUT, if its a big Gap-up opening, I might add SHORTs at 16000 and 16200 levels. Remember these are positional calls and not Intraday.
Please take positions at your own risks and these are not Buy/Sell recommendation but my personal view on markets.
Regards,
Anshul
I see NIFTY on Friday 26th 2022, couldn't close above 21st June's High price of 15707 and secondly it closed below 15700.
I know DOW and S&P500 both closed well in green with more than 2.6 - 3% on Upside.
But when I see NIFTY chart and Open Interest in the system, there are lot more Calls in system than Puts. Also, if I see FII data they sold more than 2000crores on Friday as well.
So, my trade for next week would continue to be on the downside, I don't see Bullish signs yet in NIFTY as NIFTY gave close to half it gains from High it made on Friday.
This might sound like a contrarian view against general views, but often markets do quite the opposite of what masses think. I hope I'm wrong but if I'm right you'll thank me later! :)
So, the two trendlines which you see in the chart, I'm expecting if market opens flat and then the red trendline break out on good volume on upside, I might add some LONGs.
BUT, if its a big Gap-up opening, I might add SHORTs at 16000 and 16200 levels. Remember these are positional calls and not Intraday.
Please take positions at your own risks and these are not Buy/Sell recommendation but my personal view on markets.
Regards,
Anshul
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