BombayBulls

NIFTY - Market Is Afraid Of Stretching It Too Far - 6/29/2016

NSE:NIFTY   NIFTY 50
104 0 2
It is a tale of once burned twice shy. But in this case, investors have been burned not just once but multiple times. One day it looks like all doom and gloom, and the very next session market comes roaring back. Then again it acts like stuck in the mud next day and can't go higher either. Even though short side is more favorable, traders are shy to go all in because who knows what trick the central bank has still left under the sleeve to instill the enthusiasm back on track.
Brexit came with big surprise, casting its dark shadow over the financial markets but suddenly today people are questioning whether UK will actually leave or not ! Such infirmity on either side makes trading condition treacherous. Especially for trading distant market indices which trade based on derived influence from the actual events.
NIFTY's inability to flush it all or jump over all hurdles is keeping our hands tight. After a long time NIFTY             monthly chart is forming a doji which depicts the prevailing indecision. Until and unless something happens with lasting influence to roll the index again, traders will be very reluctant to take on more risk on either side of the trade. Besides this is a long weekend ( 4th July - USA Independence Day ) in USA so as we approach Thursday, trading activity will start to dwindle.
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