In line with expectation, index opened slightly on positive note but resumed the declining bias as day progressed. It closed flat in the end but overall market breadth slipped marginally on the declining side. On the intraday chart, it took support around 23.2% i.e. 5669 level of Fibonacci retracement zone (see the chart below) and witnessed pause thereafter. As we have mentioned in
our earlier newsletter, the overall structure is not providing any clear indication for the next directional move but one can still exploit the market by maintaining stock specific approach. Considering the prevailing choppy bias and whipsaw across the board, one should avoid overleveraging in carry over trades and keep strict stop losses for protection of the capital.
our earlier newsletter, the overall structure is not providing any clear indication for the next directional move but one can still exploit the market by maintaining stock specific approach. Considering the prevailing choppy bias and whipsaw across the board, one should avoid overleveraging in carry over trades and keep strict stop losses for protection of the capital.
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