17 Jul '23 Post Mortem on Nifty 130pts up after 11.25
Remember how we closed on Friday? — up 110pts in 30mts. I seriously thought we would be seeing some profit booking today. So I carefully watched the opening price levels and exited my long position by 11.10.
All the trading indicators, technicals were saying more bullishness for nifty50. Even the options flow indicated the same. At 11.10 Nifty was looking bullish & banknifty was showing only sideways movement.
2 major global news hit the market
China’s lower GDP
Russia not extending the Ukraine grain deal
On a normal day, similar news could paint the markets in red & I did not want to take a risk, that is why I sold off the long position by 11.10 and waited on the sidelines.
It turned out to be a disaster, nifty went up another 129pts ensuring my position would have returned 750% returns if I hung on. The rally was kick started by Reliance & then HDFCBK joined the party with impressive Q1 results.
The chart, moving averages & other technical indicators are all showing immense bullishness now also. However I wish to stay out of this party for this expiry week.
All the trading indicators, technicals were saying more bullishness for nifty50. Even the options flow indicated the same. At 11.10 Nifty was looking bullish & banknifty was showing only sideways movement.
2 major global news hit the market
China’s lower GDP
Russia not extending the Ukraine grain deal
On a normal day, similar news could paint the markets in red & I did not want to take a risk, that is why I sold off the long position by 11.10 and waited on the sidelines.
It turned out to be a disaster, nifty went up another 129pts ensuring my position would have returned 750% returns if I hung on. The rally was kick started by Reliance & then HDFCBK joined the party with impressive Q1 results.
The chart, moving averages & other technical indicators are all showing immense bullishness now also. However I wish to stay out of this party for this expiry week.
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