BULLS TO THE FORE 11.30am 01.03.23
Market started on a better note and Bank Nifty was strong right off then bat. It crossed the higher end of the Trend Range with ease enabling an early short of 40300 Pe (we choose a strike that is below the lower end of the range to short Puts) at 105. It traded down by 50% in the first hour itself and could cover at 55 levels.
We can extend the Trend Range concept to stocks as well and using the same approach, I could go long in Jindal STeel at 565 and it is trading up. I am planning to incorporate this method into my Neotrader software as well so that people can use it on any stock they wish to apply it to.
Breadth post open has remained positive and metals are in good play today.
Since positive breadth has held an hour after the open, it indicates one of the two things- one, there is fresh buying or two, there is sustained short covering. If the latter, then prices will stop climining after the initial round of covering is complete.