Update 1: One should exit short positions around 4840 ( Spot Nifty ), Congratulations for profits.
US markets were down on a second day of the week, VIX spiked above 22. S&P 500 traded below 1340, a key psychological level for traders. Germany's GDP expanded more than expected, which helped markets to limit the downside in the early morning trade as markets were flat initially but the report that Greece money were coming out of banks and feared that banking capital will dry up soon. News prompted a fear in a markets and lead to a late sell off in US markets. Following the cues from US, Asian equities are sold off in morning trade as fear mounting about Greece collapse and its Euro Exit. All asian markets were down.
Nifty Trading Tips & Outlook
There is a definite downtrend to emerge today as we will see a sell off led by global cues and weakening rupee, Short Nifty at current levels. Don't try to bottom pick Nifty for a bounce, as US markets are loosing grounds and might impact more to downside in the global markets.Those who have shorted at around 4950 levels as mentioned in our previous day recommendation, they can hold the short positions, book partial profit at 4880 and next target will be 4850.
Check out our previous recommendation here
Keep Profiting from our tips, Happy trading
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