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RANGING DAY EXPECTED FOR FRIDAY 03.MARCH.

By C K Narayan Team

March 3, 2023

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RANGING DAY EXPECTED FOR FRIDAY 03.MARCH

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”5668″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]A day of disappointment for those that were looking for continuation higher on the back of the advances made. So, it seems like much of the rise of Wednesday was probably owing to short covering and fresh buying didn’t really emerge.
The Trend range trade for Thursday came on in the afternoon when Bank Nifty broke below the lower end of the range decisively. The Nifty signaled it much earlier, in the morning itself. But the fact that Nifty was down for 9 consecutive bars earlier prevented me from considering that for a short. In any case, the BNifty is a lot more zippier when it comes to trend moves. The 41200 ce (otm) was sellable at 88 and by the end of the day we managed to get it back at 52.

Trend Range for Friday is 41000-40460 17440-17340.

In yesterday’s bull phase I had not made any stock recommendation as I was not sure whether the trend would last. Currently we have GNFC (stock for March series) and Ind Hotel long positions. I entered GNFC at 533 on Monday and holding it. Currently at 544. My stop is below 524, the low of the bullish candle of Wednesday. Ind Hotel is also held long with a stop at 310.

A clear Adani-bachao committee is at work. In WA, press, announcement and of course, stock moves. Better not to get into the middle of this. Goal seems to be push short sellers out and allow the stock to become idle. Expect volatility in this to continue. If you get caught on the wrong foot, the bill is heavy. So approach with care.[/vc_column_text][/vc_column][/vc_row]

BULLS TO THE FORE 11.30am
BULLS GIVE IT THE PUSH. BUT DONT CHASE HIGHER 11 am

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