Right now we are at yet another short-term turning point even as the longer term move remains up
What if the upmove doesn’t occur? Well, in that case, the lower range (horizontal arrow) should be used as a stop. There aren’t any closer stops. As a bearish signal, this can be meaningful but that is something that I would prefer to deal with in case the occasion comes up. For now, I don’t expect that to happen.
Writing in the column on June 25, I said, “…a possible point of forming a durable bottom. This straightaway means that the June 17 low should not be broken with any degree of conviction – meaning a bit of a poke here and there should be fine. With that as a caveat, we can now start thinking of longs as a clear stop-loss zone is available.”
Bank Nifty Futures POSITIONAL TRADERS Target 37500 ABOVE 35700, BUY ON DIPS
BUY BANKNIFTY 34000 PE ABOVE 330 TRG 500-750 SL PAID. Indian equities opened higher for the third straight day, even as sentiment across the Asia-Pacific is mixed. Investors are taking cues from the risk-on sentiment witnessed overnight on Wall Street.
BUY BANKNIFTY 34200 PE ABOVE 380 TRG 550-850 SL PAID. Indian equities extended gains made on budget-day, ending close to their all-time intra-day highs.
BUY BANK NIFTY 34600 CE ABOVE 320 TRG 550-850 SL PAID. Most Asian stocks rose Wednesday, extending a global rally amid a slew of corporate earnings and a crumbling of the retail trading frenzy that fueled swings in heavily shorted shares. The dollar retreated.
India’s stocks rose on the last trading day of the week, with the benchmark index clocking its longest stretch of weekly gains since January 2018, as investors favored prospects for economic growth against risks posed by a new virus strain.