With a subduded Asia market and nervousness of the election day, the markets may continue the downslide a further more. Levels of 11500 is very much possible today. Keep your shorts ready! The key is to use the hourly 9 EMA (exponentially moving average) as a point to short, keeping the hourly 20 period EMA + 5 points as a stop loss.
A buy position does not seem to be possible, however, in case news gets the market up and going, it should be only above the 11670 levels, which is the hourly pivot base.
Calls for today
- Sell below at 9 EMA of hourly chart, stop loss of 20 EMA
- Buy if market zooms above 11670.
Bank Nifty weakened more than Nifty, hence contributing to the fall in Nifty. Even though indicators show that Bank Nifty has weakened considerably, there appears more room for downside. Bank Nifty could fall to the pivot levels of 29680 and if that breaks could easily each 29500 levels.
- Sell until 29680, if that breaks open new short positions
- No buy calls
Remember, if you are new to the stock market, keep out of Futures and Options.
Smrutirekha Bhoi