Anil Singhvi decodes market trend, says traders must focus on medium term till crucial support levels are broken
Zee Business Managing Editor Anil Singhvi said that the investors and traders should now focus on medium term trends till the time crucial support levels are breached. He said that Thursday’s closing is important, and it appears that the markets does not want to close below 15100
Zee Business Managing Editor Anil Singhvi said that the investors and traders should now focus on medium term trends till the time crucial support levels are breached. He said that Thursday’s closing is important, and it appears that the markets does not want to close below 15100.
He said that there is no problem as the markets have been closing above this level over four consecutive trading sessions. The closing on Sensex and Nifty have been at lifetime highs on Thursday, he said.
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The mood and trends are positive, but it is not the case that the markets will end in green daily, Singhvi said.
There is a clear-cut message for the traders to hold positions in limits. There is a message that if you are a skilled trader you can make money both ways – in rising and falling markets. While there should be more opportunities for those who are buying in rising markets, there should also be opportunities for those buying in falling markets.
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He said that if you are not sure about the market movements in the near term, then look at the trends in the medium term. It should also be seen if the market has breached the important support levels and is closing below these levels. If the answer is no, then the strategy is to look at the medium-term view.
As of now, there are no such indications in Nifty that the markets is settling after breaking important support levels, the Market Guru said. Today is the last trading session of the week and if Nifty ends above 15,100 then the situation will remain very strong, he added. Even if it is around 15,000, the situation is still pretty good.
Only if the Nifty ends below 14,900, then we can say that the closing was not good. But, even in this situation the traders are in safe position, he further said.
He however said that there are some problems with Bank Nifty. But one must realise that Bank Nifty is generally ahead of Nifty in terms of falls or even increases.
He said that the focus should be on Nifty and not on Bank Nifty.
For positional traders, he advised trading in cash stocks with positional trading perspective.
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