Monday, May 20, 2013

Markets Sell Off In Second Half - You Were Forewarned

Today markets opened with a gap up. Nifty June Futures opened at 6215, gap up of 14 points. It went to a high of 6247 and closed at 6174. In my last blog-post of 17th May titled Indian Markets Chug Along - But Bulls Beware of Trap I had forewarned that selling will be witnessed in second half of trading session. And that is why I had recommended selling Nifty at 6230. Some of you have heeded my advice and are short in Nifty. But those who are still debating, this post is for them. Tomorrow initially Nifty should move up and so you can short Nifty June Futures at 6190/6200. Reason is simple. You can see Bearish Engulfing candlestick pattern in Nifty formed after today's trade.

Hence those who missed selling today can go right ahead and sell tomorrow at levels indicated above. In case you send me feedback on what your opinion is or what your queries are, then I can be of more help. There are times when I also feel  the need to update you when the market is in progress. There are times when I can tell you to exit or enter market as per the prevailing conditions of the market so as to maximize profit. 

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