NIFTY

            We have clearly mentioned yesterday about the bounce we might witness today. As all other global markets were in red zone, our market also started with a gap down and went to the support zone we have stated yesterday. And without sustain below 5970, it started a bounce which

closed at 6037.85, an eighty points bounce from the low.

            Like we said yesterday, it is very difficult to predict the intensity of a bounce or a correction in ongoing trend; we can keep a Stop Loss and trade or trail our Stop Loss for an existing profitable position and ride the position till the time the Stop Loss hits.

            Even today, the bias is negative and our view remains the same as mentioned yesterday. So we have to trade stock specific and stay away from NIFTY till it closes below 5970, for uptrend or any long trades we lack confidence & conviction so we will wait for any long trades.