Intraday Range: 16800-17100
Short Term Range: 16650-17200
Intraday Range: 38000-38800
Short Term Range: 37800-39000
Major draggers: All Sectors were Green
A probable dark horse: #NOCIL
What a Friday Bulls had and Fryday Bears had. It was mind blowing. Even bad traders made good money such was the move. Now we're into a new day. Today because of overnight buzz related to Credit Suisse & Bad closing of US Markets, a gap down looks highly likely. All of a sudden many have started talking about recession and 2008 crash. Crash is something which happens naturally, it can't be predicted. So don't waste your time. Even if it comes, as a trader one should be ready to take advantage of it. Trader needs a direction to trade, Buy or Sell doesn't matter. As far as Investors are concerned, smart investors would actually love such falls, if happens. For levels, 16800 is the key. Below which 16650/16500/16350 are key levels. Only because of Fear I am sensing, seems like a day where we may see a small sell off today. Good thing that we're nearing bottom faster.
Position sizing recommended: Small
Should we be cautious? : Yes.
Area of averaging PF? : 16700 (Keeping this level intact for a few days as long as we're closing below 17500)