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Sell on rise for short term gains
Nifty continues to remain below the 50 ma on the weekly chart as a further gap down caused elevated volatility along with rise in India Vix
Nifty continues to remain below the 50 ma on the weekly chart as a further gap down caused elevated volatility along with rise in India Vix. India Vix was up almost 5 per cent on the back of geopolitical factors that are the driving force for global markets. Nifty followed the global cues and opened with a wide void that was seen letting Index slip almost 2.5 per cent.
Worst was the Realty, PSU banks, and BankNifty which were down 4.5 – 6 per cent indicating the underlying weakness in them during a corrective market. On Chart, A Doji is seen indicating the indecisiveness in the market at much lower levels while Indecisiveness also reflects a pause for the short term which can further signal a reversal only if there is a confirmation.
As previously suggested, we are in times of elevated volatility and risk management is everything for now along with allocation to cash which can save a lot of capital. We suggest the correction can be lower from current levels and we may see that after some cool off in the volatility. The strategy remains to Sell on any rise in the short term.
(The author is Technical Analyst, Finversify)