The moment of truth for the markets is near!
As I have been mentioning over the last couple of days that the markets are looking exhausted and the momentum is lacking!
Nifty opened up 60 points tracking global cues but ended just 5.8 points up.
An important thing to observe is that markets open higher but sees an intraday reversal for the last many days! These are not bullish signs according to my experience.
Nifty has traced out a Hanging Man Candlestick pattern which shows that the reversal is around the corner.
Nifty Bank is overbought near its crucial resistance at 23050. Break out above this zone will take Nifty bank up to 25200 where its 200 DMA is placed.
Nifty Bank could only be the game changer for Nifty as I see it.
I retain my cautious stance!
Here’s the list of the most oversold/overbought stocks for tomorrow as per my Swing Trading Model. You can enter at an intraday correction or rally up to 2-3%.
As for today’s trades, I had two short positions in GMR Infra & Deepak Nitrite. GMR INFRA declined by 4.42% from my short price at 26 while Deepak Nitrite declined by 6.35% from my shorting price of 795.
I have no open positions as of today as far as Swing Trading is concerned. I remain fully invested in my momentum portfolio. You may also want to check out the performance review of my strategies which I update every week.
Have a profitable day ahead!
*** This is not an investment advice and only for information and educational purposes.
