Good Morning Friends,
Yesterday we saw some flash sell off again in first half. In panic Nifty broke 15600 and low goes around 15513. This is more than expected fall but recovery hit very quickly. This suggest that there are buyer to buy lower levels.
So can we expect continuation of recovery?
A simple answer is that at some point buyer or seller will get exhausted and then only we can expect a breakout of trade. Who will exhausted first, is a billion dollar question.
Technical charts say support at 15600 and then at 15500.
I will again look for opportunity to add short on bounce. Well, not only on bounce. I will short on bounce if I get some confirmation pattern for fall.
One thing is clear that we need to maintain a very strict money management.
Happy Trading,
Praveen Kumar
