Sometimes trading becomes so simple when you identify proper levels to trade against. We can't stress the importance of learning sound technical analysis more than this - our recent NIFTY trades around the same levels.
We become net short NIFTY near 8000 level, days before Fed turned hawkish. Whether Fed is going to raise rates or not is different thing but as long as bias is towards the hike, equities are going to remain on back foot. Now 7600 and 7500 is the matter of when, not if. NIFTY is sitting right on support today and as soon as it gives up, it is going to reach 7600 in no time.
In short, we remain rally seller in NIFTY targeting 7500.
We become net short NIFTY near 8000 level, days before Fed turned hawkish. Whether Fed is going to raise rates or not is different thing but as long as bias is towards the hike, equities are going to remain on back foot. Now 7600 and 7500 is the matter of when, not if. NIFTY is sitting right on support today and as soon as it gives up, it is going to reach 7600 in no time.
In short, we remain rally seller in NIFTY targeting 7500.
