Day trading guide for Monday
SECTIONS
Last Updated: Mar 07, 2021, 06:43 PM IST
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After a volatile weak, the market is now stuck in a broader trading range, writes Chandan Taparia of MOFSL.
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Chandan Taparia, MOFSL:
The Nifty 50 index made a gap-down opening on account of weak global cues, as bulls seemed to have lost strength, and dragged towards the 14,850 levels on Friday. After a volatile weak, the market is now facing a pause in momentum, and has got stuck in a broader trading range. It concluded the day with a loss of around 140 points. It formed a small bearish candle on the daily scale with long shadows on either side, indicating a tussle between the bulls and the bears in the market. It continues its formation of lower highs and lower lows witnessed in the last two sessions. Now, it has to cross and hold above the 15,000 zone to witness an upmove towards 15,150 and 15,250. On the downside, immediate support exists at 14,800, and then 1
Day trading guide: 2 stock recommendations for Monday
SECTIONS
Last Updated: Feb 21, 2021, 05:43 PM IST
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Synopsis
Stocks-specific action was the theme last week as about half of Nifty50 components faced down-ticks, while stocks like ONGC, GAIL, NTPC and Power Grid rose more than 10 per cent.
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Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES Securities:
Snapping a two-week-long winning streak, the bulls took a pause last week. Nifty lost 3.5 per cent from its record peak, revisiting levels of 14,900. The rally in Friday’s trade remained short-lived, finding stiff resistance near 15,150. On the flip side, selling pressure intensified as it broke below levels of the previous session’s low (15,078). Sustenance above 14,900 could attract some consolidation at the upper band, albeit a mixed trend is possible among sectoral indices.
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See what allowed for a turn down in the immediate future
In case you blinked over the last few days, bitcoin bulls had their hat abruptly handed to them when the cryptocurrency plummeted a jarring 26% in 48 hours.
The grisly details (or, here s how this bearish opportunity unfolded, for the few traders who were ready):
The selloff was the market s worst two-day decline since the start of the coronavirus in March 2020.
The crash took prices $10,000 down from their all-time high near $42,000 set on Friday, January 8.
And, all told, the move erased nearly $185 billion from bitcoin s value (Jan. 11 Bloomberg); for reference, that s the entire net worth of the richest man on Earth, Elon Musk.