These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.The banking sector continues to lead the Index down. It has again contributed to the fall in a big way. Other sectors were mixed.
The scenario anticipated for today did not allow traders to enter comfortably. And in any case, the Index has moved below our stop loss level. Therefore, it makes no sense to be long at this stage.
The Index is again testing the blue down-sloping trendline. With such a large price move, it is expected to provide support. But as mentioned yesterday, the move up is likely to be met by selling, so I do not expect the negative sentiment to change in a hurry.
For those who are a little more conservative, it is suggested to wait patiently to buy. A short term bullish pattern has still not formed.
Trade happy after planning your trade.
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