It was too simple logic....China has hiked CRR hence the market corrected on Thursday and Friday.China will have a gap down opening on Monday was the buzz on the street!!
Alas, simple logic which can be understood by all does not work in the market.Entire Asia is trading positive. Hangseng is up 500 points! Singapore Nifty is up 70 points trading above 4900.
We have the Union Budget this week and the underlying currents will be felt in some stocks. Also the Feb series expires this Thursday.A very volatile week ahead.If market sustains 4900 on closing basis its not difficult to target 5000-5050 on the Nifty.
Hold your longs with a stop loss of 4900 Nifty on closing basis.
Its better to avoid positional calls this week.
Regards,
Rahul T.
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