Hello reader, hope you’re doing well. Today’s opening on Nifty is expected to be a flat one, with not much of a gap. At the same time, we’re also seeing that even with the correction, a gradual decline in VIX indicates that there isn’t too much fear and selling in the markets. One key thing to remember, a declining VIX doesn’t necessarily bring in an upmove, this is a rookie mistake many people make.
Important points to note:
- These are the three sectors which remain the strongest in terms of relative strength vis-à-vis Nifty – CNXAUTO, CNXFMCG & CNXPSE.
- Holding levels of 17300 is key to form a good support base on charts.
- Reliance is another key stock to watch out for, a close above 2450 would kick in momentum for more upside from here.
- PCR on Nifty at 0.6 again, usually these are the levels from where we can see some amount of short covering.
- Banknifty has shown some strength, not breaking budget day lows.
It is with great sadness we mourn the passing of one of the finest traders on banknifty India has ever seen, Mr. Ashwani Gujral. Ashwani was not only an exceptional trader, but he also excelled as a life coach. His ability to convey profound messages through concise one-liners was remarkable. He had a high regard for his expertise and never underestimated its value. One of his most famous lines being – “Success ki keemat hoti hai, free mein to failure bhi nahi milta”.
As always, risk management is key, have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.
Nice! RIP Mr. Gujral. I missed 1st March’s post!