Boat trip from one riverbank to another !!!

This is the best way to describe market movement on Monday which was on a complete reversal from lower level to higher level of a very narrow range of NIFTY 4920-5080, but the problem is that it is not moving out of the range and it is getting difficult to trade day by day. Still the view is to trade with low volumes and hold the straddle that was recommended on Sunday

Some Observations:

1. FII'S net figure was +900 crores and DII'S net figure was -700 crores. It seems we have a battle on between both of them. One is trying to act as a bull and other as a bear

2. Nifty rose 2.21 % completely outperforming the broader market as CNX Midcap rose 1.57%

3. Nifty exactly took support from trend line( line from 3980-4935) at 4935-4940 and bounced back

4. The trend line joining three tops made from month of June is almost coinciding with 50 DMA




So when there is neither buying nor selling with conviction investors should wait, traders should book fast profits

It can be a failed attempt again to cross 5080 level, what bulls tried hard on Friday. In this case short Nifty Futures if it stays below 5080 for first half an hour with a Sl of 5080 and if this is not the case cover half of your shorts after it crosses 5080 to short Nifty again around 5150-5200 levels


Wish u a Happy Trading Day!!

Regards

Ankit