2nd Aug

Not a sebi registered analyst, and these are just my thoughts, and readers should take their own judgement.

Nifty's opening 78 points down at 19655 (below short Target 19667 we mentioned yesterday)

Nikkei's down almost 2%. US markets didn't show similar weakness yesterday, but the futures are showing weakness.

I would be careful before going long.

Fresh long only above 19700-19720 levels.

I would also wait a bit before going short, may lose some profits, but safeguard the capital.. anyone should their take their own judgement.

Good luck

Note

Deleted earlier comment..need a bit of time to re-assess.

Note

9:55AM Nifty@19632

Not completely sure weakness is confirmed..

For now -
Fresh long above today's open 19655 - Targets 19688, 19700, 19734
Fresh short below 19600-19616. Targets 19587, 19553, 19520.

SL for long 19624, SL for short 19624

Note

Multiple comments deleted..sorry for confusion. The above comment is final for now.

Note

The trigger for weakness -

"Fitch cuts US credit rating a notch from AAA to AA+"

Note

Nifty made a low of 19524.6 - i will claim all my sell side targets done

We'll know about the 'strength of the weakness' by end of the day - till then be open to any possibility

Note

12:21 PM, Nifty@19537

A higher probability of Nifty taking a breather now..we may see some side ways movement.

Fresh shorts below 19496. Book profits if you wish to.

For now it's a sell on rise market. So, look for short profits on both sides.

Note

Nifty short updated targets, - 19398, 19374

nifty_futures_options

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.