Nifty Breach 9200 Avoid Long Position
Finally Nifty Index breaches the important support of 9200 levels intraday. A huge sell off was seen yesterday from FIIs and DIIs and I hope the same numbers in terms of Cash selling is expected today from the institutional fund house.
Overall the market sentiment is very weak in terms of Corporate Sales. So the courage of holding cash share for investors now is like do or die. Book profit if your price comes above your purchase price or sell using stoploss.
At morning Nifty rose high with 140 points up from its previous close 9285.90, Nifty Futures opens at 9411 and made low 9195 once again breach the low with 9190, end day at 9222. Breaking intraday low for two consecutive times it shows bears can hold over the bull in short term.
So it is advice all to avoid long position on Nifty Futures for the timing if Nifty futures close above 9200 then it can be carry forward for tomorrow gap up open. But risk factors is much higher in the weaker market. And now US and China Tariff War gives us hints that market might fall with such Tariff fight.
Go long with stoploss 9100 for target 9300 and for shorters go short with sl 9300 with a short term target 9050, this is my assumptions for tomorrow.