I am reminded of the following lines looking at the present scenario...
"THIS RIDE IS NOT SUITABLE FOR HEART PATIENTS, PREGNANT WOMEN (NO OFFENCE) ,CHILDREN BELOW 6 YEARS OF AGE..............."
The markets are teasing the line of 16600.The long term bull market is intact till we are above 15300! But below 16600, the chances for a quick upmove are off the table.We will go in consolidation mode.
Don't keep watching the screen if you are a short term trader.Just keep your stops at suitable levels and leave it at that.The closing should be above 16600 for short term strength. The RSI is gone to the lowest levels. Markets are clearly oversold.But the week is full of drama. Futures & Options Expiry on Thursday....RBI Policy on Friday!!
Risky traders can bet against the tide and go long, but evaluate your risks well.
Have an awsum trading day,
Regards,
Rahul T.
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