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Market lacking clear direction, keep focusing on individual stocks

“Markets surprised everyone for the second straight day as we saw a gap up opening immediately after taking a heavy knock on Tuesday due to geopolitical concerns. It has been a remarkable comeback from our benchmark indices as we saw complete negation of yesterday’s pessimism. Eventually, the Nifty managed to recover smartly to conclude tad below the 9900 mark.

These are kind of days wherein traders are left with no clear direction and are getting trapped on both sides. In our previous article, we mentioned about the index gyrating in a ‘Triangle’ pattern and the index has managed to maintain this range precisely. But, the way our markets closed yesterday at the lowest point of the day, we expected 9840 – 9860 to act as a sturdy wall. Clearly, there was no respect for this resistance zone but it seems that traders should avoid taking a directional call on the index unless we do not see a breakout from this pattern on either sides. As of now, we continue to mention that the higher end of 9925 – 9950 remains to a positional barrier; whereas, on the lower side, 9850 – 9783 seems to be the levels to watch out for. Despite, today’s move we would avoid going long on the index, rather, keep focusing on individual stocks that are offering much better trading opportunities.” 

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