The market has been spooked by the news of Polycab and there are a lot of rumours.
If there is an increased panic tomorrow..
It might lead to an interesting bounce around 4600 where it might make sense to take atleast 1 shot with a small 3-4% allocation. The idea is to see if there is a bounce around the 200EMA where it should take support..but it'll have also already have stopped out most traders.
The company is still a solid company and this tax issue will eventually spill over.
Keep a SL below 4450 in this case.
Option writers might try to protect 4800 maybe even intraday or over the course of a few days..
If there is an increased panic tomorrow..
It might lead to an interesting bounce around 4600 where it might make sense to take atleast 1 shot with a small 3-4% allocation. The idea is to see if there is a bounce around the 200EMA where it should take support..but it'll have also already have stopped out most traders.
The company is still a solid company and this tax issue will eventually spill over.
Keep a SL below 4450 in this case.
Option writers might try to protect 4800 maybe even intraday or over the course of a few days..