#maruti 11833 not ready to correct below 11400, taking rejection at 11400
#sellonrise works perfect with index #banknifty 46570 now down -200 points from high keep an eye on the crucial level 46520
The broader market selling is continuing for the 2nd day today, with the Nifty 50 index falling 0.26% to 21,762, by 10:41 AM IST. The market breadth is also looking quite weak primarily due to the reason that the large-cap selling has also started to cope with the prior small and mid-cap selling pressure.
The selling spree has finally led the index to break below its nearest support of 21,900 - 21,850 decisively. This support was mentioned in the previous analysis of Nifty. Had there been a bounceback from here, traders could have seen a 200-point rally. However, bears still seem to be holding control and finally pounced through this support.
The selling spree has finally led the index to break below its nearest support of 21,900 - 21,850 decisively. This support was mentioned in the previous analysis of Nifty. Had there been a bounceback from here, traders could have seen a 200-point rally. However, bears still seem to be holding control and finally pounced through this support.
Now, the short-term trend is becoming bearish and the next demand zone that needs to be watched out for is 21,600 - 21,550. This is where some relief can be witnessed for bulls.
As the support is out of the way, every rise from hereon would be either an exit opportunity for long holders or a short opportunity for those looking to capitalize on the current market trend. Long positions should only be thought of around the next support.
In this environment, sideways to bearish strategies would work such as a call credit spread, bearish strangle, etc.
Also, till elections are pending, a major one-sided move is not expected in the index but due to uncertainty volatility might increase in the near future. Hence, hedged strategies are better suited for the next few months than naked positions.
As the support is out of the way, every rise from hereon would be either an exit opportunity for long holders or a short opportunity for those looking to capitalize on the current market trend. Long positions should only be thought of around the next support.
In this environment, sideways to bearish strategies would work such as a call credit spread, bearish strangle, etc.
Also, till elections are pending, a major one-sided move is not expected in the index but due to uncertainty volatility might increase in the near future. Hence, hedged strategies are better suited for the next few months than naked positions.
US Federal Reserve officials still expect to cut interest rates by 75 basis points this year: https://on.ft.com/3PstMwM
What you need to know about gold…
In late 2022, gold prices had plunged 20%-plus into bear market territory. Mainstream experts cited one cause for the falling metal: the “Fed Effect” of raising rates. Elliott wave analysis, however, foresaw a bullish future for gold. And that’s exactly what happened. #Elliottwave #technicalanalysis #fed #fedreserve #gold #goldprices #goldtrading #goldtrader #tradingstrategy #tradingtips #goldinvesting #goldinvestment #goldstandard
In late 2022, gold prices had plunged 20%-plus into bear market territory. Mainstream experts cited one cause for the falling metal: the “Fed Effect” of raising rates. Elliott wave analysis, however, foresaw a bullish future for gold. And that’s exactly what happened. #Elliottwave #technicalanalysis #fed #fedreserve #gold #goldprices #goldtrading #goldtrader #tradingstrategy #tradingtips #goldinvesting #goldinvestment #goldstandard