The sell-off in the morning by DIIs was more in volume compared to the buying by FIIs in the latter half of the day. This has formed a hanging man pattern on the daily timeframe which should lead to a correction as this bearish signal comes after the bearish engulfing pattern formed on the 25th of November. With the stochastics at an overbought zone, and the Dollar trying to breach 74, one can short if any signs of weakness is visible tomorrow.
LONG, if the index sustains above 30750 for targets of 3100-31250-31800. In case of a gap-down, one can go long if the index takes support around 30500.
SHORT, if the index breaches and trades below 30500 for targets of 30200-29900. In case the market fails to recover above 30000 (trend support) we might witness a correction in the markets.
LONG, if the index sustains above 30750 for targets of 3100-31250-31800. In case of a gap-down, one can go long if the index takes support around 30500.
SHORT, if the index breaches and trades below 30500 for targets of 30200-29900. In case the market fails to recover above 30000 (trend support) we might witness a correction in the markets.