Market Setup 20th February
After a great start, when we all thought that we might escape a fall and close at 10700 level we saw the classic last hour fall of nearly 120 points that took Nifty to below 10600 and due to the averaging of values we closed just above 10600 mark at 10604. This marks the 8th consecutive fall and we have not witnessed it for a long time, not in last 4-5 years! Are we going to see another one today or is the pain over for now? World markets are mixed with Dow Jones closing totally flat with a gain of just 8 points while Asian markets are showing a
On the derivatives front, yesterday was the story where neither in futures nor in options we went anywhere. The
What is the Nifty call for the day?
Yesterday, if you have thought that you missed a good chance to make money, you would have heaved a sigh of relief by evening that your money is safe in your pocket. This is the nature of the market now and taking risks comes at a huge cost. With a 10670 open and 10710 seeing selling you really wouldn’t have any chance to enter or exit. Today we will see a positive start again due to positivity in Asia at around 10630-10660 levels. What happens after that needs to be seen. If 10620-10650 range is protected in the first hour, then take a small risk and go for a long position with 10700-10720 as the target, whenever it comes. You might take it to tomorrow also if targets are not met today. Make sure that your entry point is between 10620-10660 mark so that the profit you get is meaningful and take this position only if 10620 is not broken. If it is broken, and Nifty goes below 10580 then stay away.