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Short term tide turned for market; use rallies to exit longs

“Today’s session kick started on a positive note citing to favorable cues from the global bourses. However, during the initial hour, our markets were still in yesterday’s hangover as we saw Nifty hasten below the 9700 mark.  Eventually, the Nifty managed to recover quite smartly from day’s low; courtesy to F&O expiry factor that came into picture in the latter half. As a result, the index successfully defended this psychological support and went on to close well inside the positive territory.
The kind of bounce back that we saw today was slightly on expected lines as options data was quite indicative of possible expiry above 9700. Technically, markets were deeply oversold on minor degree charts and hence, the index did not have the impetus to break the recent swing low of 9685.55. Having said that one needs to understand that the short term tide for market has turned and any relief rally in coming days is likely to get sold into. Going ahead, 9820 – 9890 would be seen as a sturdy wall for the index. On the flipside, we may see index sliding below 9685 to test lower levels of 9640 – 9560 in days to come. Traders are advised to stay light and not to get carried away by such bounce backs.”

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