Should you sell the gap up? (27th March 2023)

1. U.S Markets closed higher on Friday.

2. Right now , U.S Futures are trading higher.

3. SGX Nifty is indicating a large gap up of 100+ Points.

4. Asian Markets are mostly higher.

5. Friday there was a huge sell off in the markets.

6. This was majorly due to STT News.

7. There was a news floating around that STT ( Securities Transactions Tax) is going to be increased in the markets.

8. However there was a clarification pending on the same.

9. On this news , the Markets nosedived.

10. So today the first suggestion would be not to chase the gap up immediately.

11. Second suggestion would be to short near Fridays high with a strict stoploss.

12. Fridays high was close to 17110 on Nifty.

13. Shorting near 17120-17150 with a stop of 17200 works for the day.

14. There is a possibility of a trending move today as well.

15. If the gap up sustains for 30 minutes and we Markets crosses today's high then a trending day is also possible.

16. One should keep all possibilities in mind.

17. As it's a sell on rise market I would like to short near key resistance levels rather than following the trend.

18. Anybody trading on my suggestion should work with serious stoploss.

19. Nifty might trade between 16850 to 17150 today.

20. stockmarketadvisory.in

Comments

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