Wednesday was a tough day for markets. On one side was a big fall in US futures and other side was weekly clearing of Bank Nifty and Nifty. Market remained just sideways after opening higher. We quit our 120 shorts and went long in the market but had to quit all 240 longs before closing as market was not giving any clear breakout either side. It seems markets are getting tired waiting for some good news but instead only negative news keeps coming from International markets. Please find the summary of paper trades below.
We will put a track record of Bank Nifty Paper trades here for a month for our trial clients and others to see the performance. For our track records we take positions in 240 BNF and accordingly loss & profit is calculated. We do profit booking in half our positions at the targets and balance half we hold till the trend remains.
The broader trend of cash stocks is seen by the percentage number of stocks which are above important support levels. Currently there are 25% of stocks which are above support and 75% stocks are below support. When stocks above support are below 50% we consider cash stocks to be in downtrend and above 50% we consider cash stocks to be in uptrend. Just for your information the cash stocks percentage has been below 50% for majority of the time in last 4 months. This percentage when comes below 10%, we consider the markets as quite oversold and when it is above 90% as quite overbought. Here we also have to see the broad trend of US markets.
Indian Stock Markets are likely to again remain under pressure without some good news. Overall trends of daily charts for most of world markets are in downtrend. Let us see how our markets behave intraday after a day of close when other world markets were open.
In case you wish to give some suggestion you may go to the blog and give your feedback there on the contact form.
Thanks.
neera@crnindia.com
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