From couple of days, we are seeing massive move in SGX to the tune of 2% and going till even 17900 levels but the action seems to end just there. The market is flat and has hardly moved 1% from last week. With global markets doing well by absorbing selling pressure like how US markets did yesterday and dollar index going below key short term support levels, it seems bit risky to short but at the same time considering the price action of nifty and stocks, it doesn’t seem too encouraging to even go long here.
I guess - I’m gonna sit this move out and wait for market to show me the direction and better risk reward setups.
Do you think Indian markets will keep moving forward even though US markets are falling, Some heavyweights are even predicting Snp to fall 20% more from current level , plus the most talked about recession next year
See i don’t have a view
Overall market breadth is weak even though we are 2% away from fresh highs. VIX is extremely low and from opening till 3 pm, the movement is absolutely dull and rangebound in market from last few days.
I think there are three scenarios thats possible. One, is strong breakout above with strong upmove from this boring range. Two, a false strong break then revert back to this range and fall. Three, fall from here to 16800.
Edit: fourth, be in this range till end of the year.